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• <br /> operated said properties of the System and the business in connection therewith in an efficient <br /> manner and at a reasonable cost. <br /> B. Rate Covenant. The City shall establish, maintain and collect rates and <br /> charges for the use of the services and facilities of and all commodities sold, furnished or supplied <br /> by the System, which shall be fair and nondiscriminatory and shall adjust such rates and charges <br /> from time to time so that: <br /> (1) The Revenue of the System, together with Assessments collected, <br /> will at all times be sufficient (a) to pay the Costs of Maintenance and Operation, (b) to make any <br /> payments required to be made on account of the outstanding Refunded Bonds, (c) to pay the <br /> principal of and interest on the Parity Bonds, as and when the same shall become due and payable, <br /> (d) to make adequate provision for the payment of any Term Bonds, (e) to make when due all <br /> payments which the City is obligated to make into any Reserve Account and all other payments <br /> which the City is obligated to make pursuant to this ordinance, and (f) to pay all taxes, <br /> assessments or other governmental charges lawfully imposed on the System or the revenue <br /> therefrom or payments in lieu thereof and any and all other amounts which the City may now or <br /> hereafter become obligated to pay from the Revenue of the System by law or contract; and <br /> (2) The Net Revenue together with Assessment Income in each <br /> calendar year will be at least equal to the Coverage Requirement, calculated as of December 31 of <br /> the preceding calendar year. <br /> C. Payment of Costs of Maintenance and Operation. After making or <br /> providing for the monthly payments from the Revenue Fund as required by Section 8 hereof, there <br /> shall be maintained in the Revenue Fund sufficient money to enable the City to meet the Costs of <br /> Maintenance and Operation of the System on a current basis. <br /> D. Sale or Disposition of the System. The City will not sell or otherwise <br /> dispose of the System in its entirety unless simultaneously with such sale or other disposition, <br /> provision is made for the payment into the Revenue Bond Fund of cash or "Government <br /> Obligations," as now or hereafter defined in RCW Chapter 39.53, as amended, or its successor <br /> -23- FWWOBU.DOC 97/03/04 <br />