Ordinance 818-81 - Laserfiche WebLink

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 con- nection therewith in an efficient manner and at a reasonable cost. B. The City shall fix, maintain and collect rates and charges for the use of the services and facilities 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 derived therefrom, together with Assessments collected, will at all times be sufficient (a) to pay the Costs of Maintenance and Opera- tion, (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 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 -18-