Ord 1986-125 - Laserfiche WebLink

Home Browse Search

accordance with this Ordinance or irrevocably provided to the satisfaction of the Paying Agent/Registrar, or waived; (Hi) Bonds that have been mutilated destroyed, lost, or stolen and replacement Bonds have been registered and delivered in Heu thereof as provided in this Ordinance; and (iv) Bonds for which the payment of the principal of, premium, if any, and interest on has been duly provided by the deposit in trust of money or Government Securities, or both, as provided in this Ordinance. (n) The term "Net Revenues of the City's Electric Light and Power System", and "Net Revenues" means all Gross Revenues of the System after deducting and paying the current expenses of operation and maintenance of the System, as required by Article 1113, Vernon's Annotated Texas Civil Statutes, including all salaries, labor, materials, repairs, and extensions necessary to render efficient service; provided, however, that only such repairs and extensions, as in the judgment of the City Council, reasonably and fairly exercised by the adoption of the appropriate resolution, are necessary to keep the System in, operation and render adequate service to said City and the inhabitants thereof, or such as might be necessary to meet some physical accident or condition which would otherwise impair the Bonds or Additional Bonds, shal1 be deducted in determining Net Revenues. Payments made by the City for the purchase of electric power which constitute under the law operation and maintenance expense shall be considered herein as expenses incurred in the operation and maintenance of the System. Depreciation shall never be considered as an expense of operation and maintenance. (0) The term "Paying Agent/Registrar" means the Paying Agent/Registrar named in this Ordinance as such Paying Agent/Registrar, until a successor Paying Agent/Registrar shall have become such pursuant to the applicable provisions of this Ordinance, after which said term shall mean such successor; (P) The term "Pledged Revenues" means (1) the Net Revenues, plus (2) any additional revenues, income, receipts, or other resources, including, without limitation, any grants, donations, or income received or to be received from the United States Government, or any other public or private source, whether pursuant to an agreement or otherwise, which hereafter may be pledged to the payment of the Bonds or Additional Bonds. (q) The term "Predecessor Bond" means Bonds cancelled by this Ordinance, evidencing all or a portion, as the case may be, of the same debt evidenced by the new Bond or Bonds, registered and delivered in the exchange or transfer therefor, and such term includes any Bond registered and delivered pursuant to this Ordinance in lieu of a mutilated, lost, destroyed or stolen Bond which shan be lO37f -16-