Ordinance 1139-85 - Laserfiche WebLink

Within thirty (30) days following the defeasance of any Bonds pursuant to this Section, written notice of the action so taken shall be mailed to Standard & Poor' s Corporation, Moody' s Investors Service, Inc . , Seattle-Northwest Securities Corporation and Drexel Burnham Lambert, Kirchner Moore & Co. Subsidiary, at their main offices, or to their successors in business, if any, at their main offices . At the same time, such notice shall be mailed to all registered owners of the Bonds at their last addresses, if any, appearing upon the Bond Register. The mailing of such notices shall not be a condition precedent for defeasance of the Bonds so provided for. Section 9 . Bond Covenants. A. Maintenance and Operation. The City shall at all times maintain, preserve and keep the properties of the System in good repair, working order and condition and will from time to time make all necessary and proper repairs, renewals, replacements, extensions and betterments thereto, so that at all times the business carried on in connection therewith will be properly and advantageously conducted, and the City will at all times operate or cause to be operated said properties of the System and the business in connection therewith in an efficient manner and at a reasonable cost. B. Rate Covenant. The City shall establish, maintain and collect rates and charges for the use of the services and facili- ties of and all commodities sold, furnished or supplied by the System, which shall be fair and nondiscriminatory and shall adjust such rates and charges from time to time so that: ( 1 ) The Revenue of the System, together with Assess- ments collected, will at all times be sufficient (a) to pay the Costs of Maintenance and Operation, (b) to make any payments required to be made on account of the outstanding -25- WMD202 85/06/10