Ord 1997-031 - Laserfiche WebLink

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I I - (f) The number of propertles connected with the System. Expenses 1l1curred m making the audits above referred to are to be regarded as mamtenance and operatmg expenses of the System and paid as such, SectlOn 1004 Speclal Covenants. The Clty hereby further covenants as follows (a) The Clty has the lawful power to pledge the net revenues supportmg thlS lssue of Bonds and has lawfully exerclsed sald power under the ConstltutlOn and laws of the State of Texas, mcludlllg said power eXIstlOg under Tex. Rev CIV Stat. Ann. art. 1111 et seq, as amended; that the Bonds and the AddItlOnaI Panty Obligations, when Issued, shall be ratably secured under said pledge m such manner that one lssue of Panty Revenue ObligatlOns shall have no preference over any other lssue (b) Other than for pledge made for the payment and seclillty of the Panty Revenue ObligatlOns to be outstanding folloWlllg lssuance of the Bonds and certalll oblIgatlons of the City secured by and payable from a hen on and pledge ofthe Net Revenues inferior to those secunng payment ofthe Bonds, the Net Revenues of the System have not in any manner been pledged to the payment of any debt or oblIgatlOn of the Clty or of the System. (c) So long as any of the Bonds or any lllterest thereon remalll outstandmg, the Clty w1l1 not sell or encunlber the System or any substantial part thereof, provlded that thIS shall not be construed to prohiblt the sale of such machlOery or other propertIes or eqUIpment whlch has become obsolete or otherwIse unSUIted to the efficlent operatlOn of the System, also, wlth the exceptlOn of the AddItlOnal Panty OblIgations expressly permitted by thIS OrdlOance to be Issued, It w1l1 not encumber the net revenues of the System unless such encwnbrance is made JllillOr and subordinate to all of the proVISIons of thIS Ordinance. (d) No free serVlce of the System shall be allowed, and should the Clty or any of its agencles or mstrumentalIhes make use ofthe servlces and facllIhes of the System, payment of the reasonable value thereof shall be made by the City out of moneys from sources other than the revenues and mcome of the System. (e) To the extent that lt legally may, the CIty further covenants and agrees that, as long as any ParIty Revenue Obhgations, or any lllterest thereon, are outstandlllg, no franchlse shall be granted for the lllstallatlOn or operatlOn of any competmg waterworks or sewer system; and that the Clty will prohibIt the operation of any water system or sewer system other than those owned by the CIty, and the operatlOn of any such system by anyone other than thlS Clty lS hereby prohiblted. SectlOn 10 05 Payment of the Bonds WhIle any of the Bonds are outstandmg and unpaid, there shall be made avaIlable to the Paymg Agent/Reglstrar, out of the Interest and Slllklllg Fund, money suffiCient to pay the mterest on and the pnnclpal of the Bonds, as apphcable, as will accrue or mature on each applicable Interest Payment Date. R.I.SANMA.RIWW5S.97\DOCS\ORDNCE. 27