Ord 1994-059 - Laserfiche WebLink

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Z<6A-F (b) A balance sheet as of the end of such fiscal year. (c) The Accountant's comments regarding the manner in which the City has carried out the requirements of this ordinance and his recommendations for any changes or 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 to each policy the amount thereof, the risk covered, the name of the insurer, and the policy's expiration date. , -, (e) A list of the securities which have been on deposit as security for the money in the Interest and Sinking Fund throughout the fiscal year, a list of the securities, if any, in which the Reserve Fund has been invested, and a statement of the manner in which money in the System Fund has been secured in such fiscal year. (t) The number of properties connected with the System. .' . Expenses' incurred in making the audits above referred to are to be regarded as maintenance and operating expenses of the System and paid as such. Section 10.04. Special Covenants. The City hereby further covenants as follows: . (a) The City has the lawful power to pledge the net revenues supporting this issue of Bonds and has lawfully exercised said power under the Constitution and laws of the State of Texas, including said power existing under Articles 1111 et seq., V.A.T.CS., as amended; that the Bonds and the Additional Parity Obligations, when issued, shall be ratably seçured under said pledge in such manner that one issue of Parity Revenue Obligations shall have no preference over any other issue. (b) Other than for pledge made for the payment and security of the outstanding Priority Obligations, the Series 1984-A Certificates, the Parity Revenue Obligations to be outstanding following issuance of the Bonds and cenain obligations of the City secured by and payable from a lien on and pledge of the Net Revenues inferior to those securing payment of the Bonds, the Net Revenues of the System have not in any manner been pledged to the payment of any debt or obligation of the City or of the System. Cc) So long as any of the Bonds or any interest thereon remain outstanding, the City will not sell or encumber the System or any substantial part thereof, provided that this shall not be construed to prohibit the sale of such machinery or other properties or equipment which has become obsolete or otherwise unsuited to the efficient operation of the System; also, with the exception of the Additional Parity Obligations expressly permitted by this Ordinance to be issued, it will not encumber the net revenues of the System unless such encumbrance is made junior and subordinate to all of the provisions of this Ordinance. Cd) No free service of the System shall be allowed. and should the City or any of its agencies or instrumentalities make use of the services and facilities of the System, payment of the reasonable value thereof shall be made by the City out of moneys from sources other than the revenues and income of the System. SA. 'I M AR \ VvWSS94 '-DOCS\O RD NCE:O"..7 ,4 3 :HBBF 29