Laserfiche WebLink
<br />(e) The annual net revenues of the System will be equal to at least one <br />and five-tenths (1.5) times the average annual amount required for payment of <br />principal of and interest on all outstanding revenue bonds, Bonds and Additional <br />Bonds then proposed to be issued, as such principal and interest are scheduled to <br />become due, as certified to by and Independent Consulting Engineer. <br /> <br />Provided, however, that is sha11 not be necessary for the City to meet the <br />above requirements as to the average annual debt service requirements if the City <br />obtains the written consent of the owners or holders of at least seventy-five percent <br />(75%) of the Outstanding Bonds, Bonds and Additional Bonds then outstanding. <br /> <br />ARTICLE IX <br />INVESTMENTS <br /> <br />Section 9.01. Investments. <br /> <br />(a) Money in each fund created by this Ordinance, at the option of the <br />City, may be invested in such securities or obligations as permitted under applicable <br />law. <br /> <br />(b) Any securities or obligations in which money is so invested shall be <br />kept and held in trust for the benefit of the Bondholders and shaH be sold and the <br />proceeds of sale shall be timely applied to the making of all payments required to be <br />made from the fund from which the investment was made. <br /> <br />Section 9.02. Investment Income. <br /> <br />Interest and income derived from investment of the Interest and Sinking Fund <br />shall be credited to such Fund. <br /> <br />ARTICLE X <br />PARTICULAR REPRESENTATIONS AND COVENANTS <br /> <br />Section 10.01 Rates and Charges. The City further covenants and agrees <br />that, so long as any of the Outstanding Bonds, Bonds and Additional Bonds remain <br />outstanding and unpaid, it shaH fix and maintain rates and collect charges for the <br />facilities and services afforded by the System which will produce income and <br />revenues sufficient at all times: <br /> <br />(a) To pay a11 reasonable and necessary costs of operation, repairs, <br />maintenance and insurance of the System; <br /> <br />(b) To provide for the payment of principal and interest on the <br />Outstanding Bonds, Bonds and Additiona1 Bonds and the required reserve therefor <br />and maintain the Water and Sewer System Replacement and Repair Fund; <br /> <br />2047f <br /> <br />-23- <br />