Ordinance 831-81 - Laserfiche WebLink

the financial condition of the System as of the close of each year, and the income and expenses of such year, including the amounts paid into the Revenue Fund, the Revenue Interim Financing Bond Fund, and into any and all special funds or accounts created pursuant to the provisions of this ordinance or other ordinances of the City, and the amounts expended for maintenance, renewals, replacements, and capital additions to the System. (h) The City will not furnish or supply or permit the furnishing or supplying of any commodity, service or facility furnished by or in connection with the operation of the System, free of charge to any person, firm or corporation, public or private, so long as any Bonds are outstanding and unpaid. (i ) The City will not expend any of the revenues derived by it from the operation of the System or the proceeds of any in- debtedness payable from Revenue of the System for any extensions, betterments and improvements to the System which are not legally required or economically sound, and which will not properly and advantageously contribute to the conduct of the business of the System in an efficient manner. (j ) The City shall comply with all terms and conditions contained within the Filtration Agreement dated September 6, 1960, between it and Alderwood Water District, as such agreement has been and may be amended from time to time. Section 15 . Issuance of Future Parity Bonds. The City hereby further covenants and agrees with the owners and holders of each of the Bonds for as long as any of the same remain out- standing as follows: (a) The City will not issue any bonds having a greater or equal priority of lien upon the Revenue of the System to pay and secure the payment of the principal of and interest on such bonds than the lien created on the Revenue of the System to pay and secure the payment of the principal of and interest on the Bonds -17- BD339 81/12/22