03231970 Regular Meeting - Laserfiche WebLink

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I the Waterworks and Sewer Improvement and Extension Revenue Bonds, Series 1951-A, dated January I, 1951, the rents, revenues and income of the,combined waterworks and sewer system of said City have not been pledged in any manner to the paymen~ of any debt or obligation of the City, nor of said System. (c) It will duly and punctually keep, observe and perform each and every undertaking, covenant and condition on its part to be kept, observed and performed, contained in this Ordinance, and that it will prior to the maturity of each installment of interest and prior to the maturity of each Bond issued hereunder, make available at the Places of Payment, but only from the Water and Sewer System Junior Lien Bond Fund, sufficient funds to promptlY ) pay such Bonds and coupons upon presentation at such Places of I Payment. (d) If and when the City from time to time shall issue Additional Bonds, the ordinance authorizing such bonds shall pro- vide (1) for payments of principal of such Additional Bonds on January 1 of the appropriate year or years and for payments of interest on such bonds on January 1 and July 1, (ii) for an identical FLOW OF FUNDS as prescribed by Section XIII of this Ordinance, (iii) that all revenues deposited in the special fup.ds and accounts as created and established by this Ordinance shall be commingled, and (ii1i) for appropriate additional or larger pay- ments to be made into said special funds and accoUnts so that the security of the Bonds will not be impaired. (e) It will from time to time promptly pay and discharge all I taxes, assessments, and other governmental charges, the lien of which would be prior to the lien hereof, lawfully imposed upon the System or any part thereof or upon the income and proceeds thereof, so that the lien of the Bonds or Additional Bonds, when issued, shall at all times be wholly preserved at the cost of the City and without expense to the holders of the Bonds issued hereunder; - 22 -