HomeMy WebLinkAbout02102thereof to be constructed or installed out of the proceeds of the sale
of such additional Future Parity Bonds, less necessary projected ex-
penses of maintenance and operation of the System, but before depre-
ciation, and such "net income" may include any increase in revenues
to be derived by an increase in rates and charges made for water and
sanitary sewage collection and disposal service authorized by the City
Council up to the time of delivery of such additional or refunding
Future Parity Bonds.
B. The City further reserves the right to issue refunding
Future Parity Bonds and to create a special fund or funds for the pay-
ment of the principal thereof and interest thereon into which fund or
funds payments maybe made from the water Fund sufficient to pay the
principal thereof and interest thereon and to maintain any reserves
which may be required therefor, which such payments may rank equally
with the payments required to be made out of the Prater Fund into the
Parity Bond Redemption Fund and the 1967 Bond Redemption Fund and
Reserve Account upon compliance with the following conditions:
(1) Such refunding Future Parity Bonds or the proceeds of
their sale are used to exchange with or purchase and retire prior to
their maturities an equal or greater principal amount of the Outstanding
Parity Bonds, the Bonds or any other revenue bonds which may be here-
after issued on a parity therewith, or any part of the bonds of any
of said issues:
And
(2) The issuance of such refunding Future Parity Bonds and
retirement of outstanding bonds does not require a greater amount to
be paid out of the Plater Fund in any calendar ,year thereafter for prin-
cipal and interest over the life of the refunding; Future Parity Bonds
to be issued than required to be paid out of the '.dater Fund for prin-
cipal and interest over the life of the bonds to be redeemed;
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(3) If the maturities of such refunding Future Parity Bonds
14.
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