Laserfiche WebLink
(3) An amount which will be in the same <br /> proportion to the net amount of Parity Bonds then <br /> outstanding (as defined above) that the depreciated cost <br /> value of the facilities sold or disposed of bears to the <br /> depreciated cost value of the entire System immediately <br /> prior to such sale or disposition. <br /> The proceeds of any such sale or disposition of a portion of <br /> the properties of the System (to the extent required above) shall <br /> be paid into the Revenue Bond Fund. <br /> Notwithstanding any other provision of this subsection D, <br /> the City may sell or otherwise dispose of any of the works, <br /> plant, properties and facilities of the System or any real or <br /> personal property comprising a part of the same which shall have <br /> become unserviceable, inadequate, obsolete or unfit to be used in <br /> the operation of the System, or no longer necessary, material to <br /> or useful in such operation, without making any deposit into the <br /> Revenue Bond Fund. <br /> E. Liens or Encumbrances . The City will not at any <br /> time create or permit to accrue or to exist any lien or other <br /> encumbrance or indebtedness upon the System or the Revenue of the <br /> System, or any part thereof (other than the lien and charge of <br /> the outstanding Refunded Bonds) , prior or superior to the lien <br /> thereon for the payment of the Parity Bonds, and will pay and <br /> discharge, or cause to be paid and discharged, any and all lawful <br /> claims for labor, materials or supplies which, if unpaid, might <br /> become a lien or charge upon the Revenue of the System, or any <br /> 41 FwwoO3 Doc 92/09/21 <br />