Ordinance 830-81 - Laserfiche WebLink

fair and nondiscriminatory and shall adjust such rates and charges from time to time so that: ( 1) the Revenue of the System derived therefrom, together with Assessments collected, will at all times be suf- ficient ( a) to pay the Costs of Maintenance and Operation, (b) to make any payments required to be made on account of the out- standing Refunded Bonds, (c) to pay the principal of and interest on all 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 to this ordinance, and (f) to pay all taxes, assessments or other governmental charges lawfully imposed on the System or the revenue therefrom or payments in lieu thereof and any and all other amounts which the City may now or hereafter become obligated to pay from the Revenue of the System by law or contract; and (2 ) the Net Revenue together with Assessment Income in each calendar year will equal at least 1 .25 times the maximum amount required to be paid in any succeeding calendar year for the principal of and interest on all outstanding Parity Bonds. In the event the City issues any Term Bonds, and provides for the payment thereof by a mandatory schedule of payments into a Sinking Fund Account in the Revenue Bond Fund, the words "principal of and interest on all outstanding Parity Bonds" in the preceding sen- tence shall be deemed to exclude from "principal" an amount of Term Bonds equal to such mandatory payments, and from "interest" the interest on such Term Bonds subsequent to the date of the respective deposits, and to include in lieu thereof the mandatory -18- BD338 81/12/22