HomeMy WebLinkAbout02092and at the time of the issuance and delivery of the Bonds there is
not nor will there be any deficiency in the Parity Bond Redemption
Fund.
Third, that this ordinance contains the provisions and
covenants required in subparagraph A(2) of Section 15 of Ordinance
No. 1330 of the City as required by Section 9(b) of Ordinance No.
1379.
Fourth, that the City Council has been assured that prior
to the issuance and delivery of the Bonds It will have on file a
certificate from Carey and Kramer signed by Harrison W. Kramer,
an independent licensed professional engineer and partner of said
firm, showing that in his professional opinion the "net income"
of the System for each calendar year hereafter will equal at least
1.4 times the amount required In each such calendar year for payment
of the principal of and interest on the Outstanding Parity Bonds and
the Bonds.
"Net income" as used in the paragraph immediately above shall
be determined as provided in the second paragraph of Section 15A
(3)(b) of Ordinance No. 1330.
The limitations contained in Section 9(b) of Ordinance No. 1379
having been complied with or assured, the payments required herein to be
made out of the plater Fund to pay and secure the payment of the prin-
cipal of and interest on the Bonds shall constitute a lien and charge
upon the money in the Water Fund equal in rank to the lien and charge
thereon of the payments required to be made into the Parity Bond Redemp-
tion Fund to pay and secure the payment of the principal of and interest
on the Outstanding Parity Bonds. The City hereby covenants that it will
not issue the Bonds until It has on file the above -described certificate
from Carey and Kramer.
Section 5. The following plan of additions and improvements
to and extensions of the System as set fortis in Exhibit A attached hereto
and by this reference thereto made a part of this ordinance, Is hereby