Ordinance 3211-11 - Laserfiche WebLink

expenses of maintenance and operation of the System or any part or parts thereof, but before depreciation. Such "historical net revenue" or "net revenue" shall be adjusted to reflect the rates and charges effective on the date of such certificate if there has been any change in such rates and charges during or after such 12-consecutive-month period. (0 Junior Liens. Nothing herein contained shall prevent the City from issuing revenue bonds or other obligations that are a charge upon the Revenue of the System junior or inferior to the payments required by this ordinance to be made out of such Revenue into the Revenue Bond Fund and accounts therein to pay and secure the payment of any outstanding Parity Bonds. (g) Refunding to avoid default. Nothing herein contained shall prevent the City from issuing revenue bonds to refund maturing Parity Bonds for the payment of which money is not otherwise available. The amendments set forth in this Section 20 shall become effective from and after the date of closing and delivery of the Bonds. As amended by this amendatory ordinance, Ordinance Nos. 2690-03 and 2870-05 are hereby ratified, confirmed and approved. Section 21. Severability. If any provision in this ordinance is declared by any court of competent jurisdiction to be contrary to law, then such provision shall be null and void and shall be deemed separable from the remaining provision of this ordinance and shall in no way affect the validity of the other provisions of this ordinance or of the Bonds. -81- P:\20287 CMW\20287 960 02/07/11