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• <br /> Within thirty (30) days following the defeasance of any 1993 Bonds pursuant to this <br /> Section, written notice of the action so taken shall be mailed to Standard & Poor's Corporation <br /> and Moody's Investors Service, Inc., at their main offices, or to their successors in business, if <br /> any, at their main offices. At the same time, such notice shall be mailed to all registered owners of <br /> the 1993 Bonds at their last addresses, if any, appearing upon the Bond Register. The mailing of <br /> such notices shall not be a condition precedent for defeasance of the 1993 Bonds so provided for. <br /> Section 10. Bond Covenants. <br /> A. Maintenance and Operation. The City shall at all times maintain, preserve <br /> and keep the properties of the System in good repair, working order and condition and will from <br /> time to time make all necessary and proper repairs, renewals, replacements, extensions and better- <br /> ments thereto, so that at all times the business carried on in connection therewith will be properly <br /> and advantageously conducted, and the City will at all times operate or cause to be operated said <br /> properties of the System and the business in connection therewith in an efficient manner and at a <br /> 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 <br /> make any payments required to be made on account of the outstanding Refunded Bonds, <br /> (c) to pay the principal of and interest on the Parity Bonds, as and when the same shall <br /> become due and payable, (d)to make adequate provision for the payment of any Term <br /> Bonds, (e) to make when due all payments which the City is obligated to make into any <br /> Reserve Account and all other payments which the City is obligated to make pursuant to <br /> this ordinance, and (0 to pay all taxes, assessments or other governmental charges lawfully <br /> -24- FWW04E.DOC 93110126 <br />