Ord 1996-032 - Laserfiche WebLink

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Yr/rJ: required to be maintained in the Reserve Fund shall be accumulated within sixty-one months from the date of delivery of such Additional Parity Obligations. (g) Parity Revenue Obligations may be refunded (pursuant to any law then available) upon such terms and conditions as the governing body of the City may deem to the best interest of the City and its inhabitants; and ifless than all such outstanding Parity Revenue Obligations are refunded, the proposed refunding obligations shall be considered as "Additional Parity Obligations" under the provisions of this Section, and the report or certificate required by paragraph (d) shall give effect to the issuance of the proposed refunding obligations and shall not give effect to the obligations being refunded. ARTICLE X P ARTICULAR REPRESENTATIONS AND COVENANTS Section 10.01. Rates and Charges. The City covenants and agrees with the Owners of the Bonds that so long as any Parity Revenue Obligations, or any interest thereon, remain outstanding and unpaid, it will charge and collect for services rendered by the System amounts sufficient at all times to: (a) Pay all operating, maintenance, depreciation, replacement and betterment expenses, and other costs deductible in determining Net Revenues; (b) Establish and maintain the Interest and Sinking Fund and Reserve Fund created for the payment and security of the Parity Revenue Obligations; and. (c) Pay the requirements of all other outstanding lawful indebtedness of the System as and when the same becomes due. Section 10.02, Maintenance and Operation: Insurance. The City shall maintain the System in good condition and operate the same in an efficient - . manner and at reasonable cost. So long as any Parity Revenue Obligations are outstanding, the City agrees to maintain insurance for the benefit of the holder or holders of the obligations on the System of a kind and in an amount which usually would be carried by private companies engaged in a similar type of business. Nothing in this ordinance shall be construed as requiring the City to expend any funds which are derived from sources other than the operation of the System, but nothing, herein shall be construed as preventing the City from doi~g so. Section 1O.0~. Records: Accounts: Accountinf?: Reports. The City hereby covenants and agrees that so long as any Parity Revenue Obligations, or any interest thereon, remain outstanding and unpaid, it will keep and maintain a proper and complete """""""MAR:.WWS3.""",,DO=ORDN=rn 31