Ordinance 831-81 - Laserfiche WebLink

portion of the System sold or disposed of for the preceding year bears to the total Revenue of the System for such period; or (2 ) An amount which will be in the same proportion to the net amount of Bonds then outstanding (as defined above) that the Net Revenue from the portion of the System sold or disposed of for the preceding year bears to the total Net Revenue of the System for such period; or (3 ) An amount which will be in the same proportion to the net amount of Bonds then outstanding (as defined above) that the depreciated cost value of the facilities sold or disposed of bears to the depreciated cost value of the entire System immedi- ately prior to such sale or disposition. The proceeds of any such sale or disposition of the proper- ties of the System (to the extent required above) shall be paid first into the Revenue Bond Fund to the extent necessary to make payments required by this subsection 14 and then into the Revenue Interim Financing Bond Fund. Notwithstanding any other provision of this paragraph, the City may sell or otherwise dispose of any of the works, plant, properties and facilities of the System or any real or personal property comprising a part of the same which shall have become unserviceable, inadequate, obsolete or unfit to be used in the operation of the System, or no longer necessary, material to or useful in such operation, without making any deposit into the Revenue Interim Financing Bond Fund. (e) The City will not at any time create or permit to accrue or to exist any lien or other encumbrance or indebtedness upon the System or the Revenue of the System, or any part thereof (other than the lien and charge of the outstanding Refunded Bonds and of the Parity Bonds) , prior or superior to the lien thereon for the payment of the Bonds, and will pay and discharge, or cause to be paid and discharged, any and all lawful claims for labor, mater- -15- BD339 81/12/22