Ordinance 941-83 - Laserfiche WebLink

on the certain Bonds so provided for and such Bonds and appurte- nant coupons shall then cease to be entitled to any lien, benefit or security of this ordinance, except the right to receive the funds so set aside and pledged, and such Bonds and appurtenant coupons shall no longer be deemed to be outstanding hereunder. Section 8. 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 Refunded Bonds, (c) to pay the principal of and interest on the Parity Bonds, as and when the same shall become due and payable, (d) to make adequate provision for the payment of any Term Bonds, (e) to make when due all payments which the City is obligated to make into the Reserve Account and all other payments which the City is obligated to make pursuant -16- WMD20 83/05/02