Ord 1995-047 - Laserfiche WebLink

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53JlI< (f) The ordinance authorizing the Additional Parity Obligations provides (i) that the Interest and Sinkillg Fund be augmented by amounts adequate to accumulate the sum required to pay the principal and interest on such obligations as the same shall become due, and (ii) the amount to be accumulated and maintained in the Reserve Fund, or such amount together with the amount or amounts any Surety Policy or Policies, shall be increased to an amount not less than the average annual principal and interest requirements of all Parity Revenue Obligations to be outstanding after giving effect to the issuance of the proposed additional obligations, and any additional amount 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 PARTICULAR REPRESENTATIONS Al'JD 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 ofall 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 R.;\SA.,..."MAR.\WWSSRUS\OOCS''ORDSCE.tl21,.t.l.F 32