HomeMy WebLinkAbout020990 a 16
a. That it will establish, maintain and collect rates and
charges for ,rater and for sanitary sewage collection and disposal service
for as long as any of the Outstanding; Parity Bonds, the Bonds, and any
Future Parity Bonds are outstanding; that will make available for the
payment of the principal of and interest, on all of such bonds as the
same shall become due an amount equal to at least 1.0 times the amount
required each calendar ,year hereafter for the payment of such principal
and interest.
The amount "available for the payment of the principal of
and interest on all of such bonds as the same shall become due" is hereby
defined as the "gross revenue of the System, less necessary costs of
maintenance and operation thereof but before depreciation."
b. That it will at all times keep and maintain the System in
good repair, working order and condition, and will at all times operate
the same and the business in connection therewith in an efficient manner
and at a reasonable cost.
c. That it will not sell or dispose of the System or any of
the properties thereof (unless such properties are no longer used, use-
ful or necessary in the operation thereof) unless provision is made for
payment into the 1967 Bond Redemption Fund of a sum sufficient to re-
deem and retire all of the Bonds in accordance with the terms thereof.
d. That it will not furnish water or sanitary sewage collec-
tion and disposal service to any customer whatsoever free of charge,
and will promptly take all legal action or actions necessary to enforce
collection of any and all delinquent accounts.
Section 15. The City hereby further covenants and agrees
with the owner and holder of each of the Bonds for as long as any of
the same remain outstanding as follows:
A. That it will not issue any Future Parity Bonds except that
it reserves the ri-ht for,
First, the purpose of acquirin;, construct_ng7 and installing
additions and improvements to and extensions of. acquiring;
11.