Ord 1986-125 - Laserfiche WebLink

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time to time may be directed by the City Council. anticipated receipts and proposed expenditures for all funds and accounts of the System. a statement of all bonds and other obligations of the System. a description of all bond issues payable from revenues of the System. and such other information as the City Council may determine necessary. Such budget shall be submitted to the City Council in connection with and as part of the annual City budget and shall be subject to hearing. consideration. revision and adoption by the City Council in and as a part and function of the City's annual budget process as provided in the City Charter and in accordance with applicable law. The approved and adopted City budget, to the extent applicable to the System. shall be the budget of the System for the same fiscal period. (e) The authority to set and. from time to time. to alter and amend rates, fees and charges for services provided by and through the System shall be and remain vested in the City Counci1. The Board shall regularly monitor the financial condition of the System and. when and as it deems necessary. recommend to the City Council changes in such rates, fees and charges. The Board. to the extent permitted by the System budget. shall review and study the capital needs of the System and, from time to time. recommend System capital improvement and bond programs to the City Council. The Board shall have no authority to incur obligations on behalf of the System or the City except to the extent permitted in the then current City budget or otherwise expressly authorized by the City Council. (f) Subject to the limitations contained in this Ordinance and as an to the extent from time to time authorized and approved by the City Council. the Board shall be vested with all of the powers of the City with respect to the System, including all powers necessary or appropriate for the performance of and compliance with all of the covenants. undertakings and agreements of the City contained in this Ordinance. and shall have full power and authority to make rules and regulations governing the furnishing of electric service to customers and with respect to the payment therefor, and for the discontinuances of service upon failure of customers to pay for same or upon the violation of other rules and regulations with respect to the System. and. to the extent permitted by law and the then current System budget, or as expressly authorized by the City Council. shall have full authority with reference to making extensions, additions and improvements to the System. Section 26. GENERAL COVENANTS. The City further covenants and agrees that in accordance with and to the extent required or permitted by law: (a) PERFORMANCE. The City will faithfully perform at all times any and all covenants. undertakings. stipulations. and provisions contained in this Ordinance. and each ordinance authorizing the issuance of Additional Bonds, and in each and every Outstanding Bond. Bond and Additional Bond; it will promptly payor cause to be paid the principal of and interest on every or cause to be paid the principal of and interest on every Bond and Additional Bond. on the dates and in the places and manner prescribed in such ordinances and Bonds and Additional Bonds; it will, at the times and in the manner prescribed, deposit or cause to be deposited the amounts required to be deposited into the Interest and Sinking Fund and the Reserve 1037f -25-