Res 1996-052 - Laserfiche WebLink

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4J!/c- Parity Revenue Obligatiocs may be refunded (pursuaDt to any Jaw then available) upon such. tenns aDd mntÌinon" as the governing body of the City may deem. to the best intaest of the City -and its inbabitants; and if Jess than all such OlIt~bmding Parity R.evc:nuc Obligatiocs are rcfimded, the ~ refunding obligatiocs shall be cœsidered as "Additiooal Parity Obligatiocs" 1.DJdcr the ¡xovisioos of this Sectiœ, and the repŒt cr œrtificate required by paragr¡qn (d) sha.l1 give effect tD the issuance of the ~ refunding obligatiocs aDd shall not give effect tD the obligatioos being refunded. .. . Sectiœ.10.01. Rates aDd Cban!:es. I The City covenants and agrees with the O\vnern of the Bands tbai: so 1œg as any Parity Revenue Obligfitim5l, or any intaest I thereon, remain outstRT1l'ling aDd UDpSid, it will charge aDd collect for serviœs œndered by the System æoounts suffi.cic:nt: at all times tD: (a) Pay all operating, mamt:enanœ, dqxeciatiOl1, rep~t aDd bette:mJcJt expenses., aDd other costs deductible in det"""ining Net Revenues; (b) Establish and maintain the Interest and Sinking Fund and R.e:serve Fund created for the payment and security of the Parity Revenue ObligAtion~ aDd (c) Pay the requirements of all other QltfottRT1l'ling Jawful indebtedness of the System as aDd when the same becomes due. Sectiœ 10.02. Mainte:nanœ and Ooe:ration: Ins=œ. The City shall mamtaÍn the System in good condition aDd operate the same in an effi.cie:nt IDBIJIJa" and at reasonable cost. So long as any Parity Revenue Obligations are outs:tRJ'lding. the City agrees tD maintain insurance for the beœfit of the holder or holders of the obligaticns en the Systemofa kind and inanarrJDmltVlhich. usuallywoold be canied by private C!U't\p>mi= a¡gaged in a similar type of business. Nothing in this ccdinanœ shall be construed as requiring the City to expend any fimds wbiclJ. are derived from sources other than the operaticn of the System, but nothing herein shall be construed as preventing the City from doing so. . ~ Secticn10.03. RecŒds: Accounts: h:;coImtim' Reoorts. The City hereby covenants and agrees tbai: so long as any Parity Revenue Obligations, or any interest thereon, remain outs:tRJ'lding and unpa.id, it will keep aDd mamtaÍn a proper and complete system ofœcords and accounts pertainillg tD the openilion of the System, separate and apart from all other records and accounts, in VIhich. complete and correct entries shall be made of all transactioos rclating thereto, as ¡xovided by Article 1113, VA T.C.S., and tbai: the owner or owners of any of said Parity Revenue Obligations cr any duly authorized agent cr agents of such. owners shall have the right at all reasonable times to IDspect all such. records, accounts and data relating thereto, and to IDspect the System and all properties coo1¡xising same. The City 1:ùrtber agrees tbai: within 90 days following the close of each fiscal yesr, it will cause an audit of such. books and accounts tD be made by an ~t finD. of Certified Public Acçonnt.<mt51 cr Lk=-qeñ Public h:;coImbmt51 Each such. audit, in additicn tD whatever other matt:e:rs may be thought ¡xoper by the Accountant, s.ba1l particularly include the fullowing: (a) A det.aikd ottAt"""""",t of the iname and expe:ndituœs of the System for such. fiscal yesr. (b) A balanœ sheet as of the end of such fiscal year. (c) The Account.an1's cnmmt'nt51 regarding the IIIBIJDoer in wbiclJ. the City has carried out the requirements of this ccdinanœ and his fP!".!YT1~tiCllS for any changes cr improvements in the operation. records and accounts of the System. (d) A list of the insurance policies in force at the end of the fiscal year on the System properties, setting out as tD each policy the arrJDmlt~.t: the risk: covered, the name of the insurer, and the policy's expiIation date. (e) A list of the securities which have been an deposit as security for the moo.ey in the Interest and Sinking Fund throughout the fiscal yesr, a list of the securities, if any, in VIhich. the R.esetve Fund has been invested, and a st"tPme'nt of the IDBIJIJa" in which IDODo:Y in the System Fund has been secured in such. fiscal yesr. (f) The number of¡xoperties NYtN"rled, with the System. Expenses incurred in mak:ing the audits above referred tD are to be regarded as maintenance and opernting expenses of the System and paid as such. 21