Ord 1993-038 - Laserfiche WebLink

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¡YOAS principal of all Parity Bonds, provided that if on any such occasion the principal of any such ser~es or issue is not subject to redemption, it shall not be regarded as outstanding in making the foregoing computation; or (2) If none of the outstanding Parity Bonds is subject to redemption for the purchase of Parity Bonds in the same proportion as prescribed in the foregoing clause (i), to the extent practicable; provided that the purchase price for any Parity Bond shall not exceed the redemption price of such Parity Bond on the First date upon which it becomes subject to redemption; or (3) To the extent that the foregoing clauses (i) and (ii) cannot be complied with at the time, the insurance proceeds, or the remainder thereof, shall be deposited in a special and separate trust fund, at an official depository of the City, to be designated the Insurance Account. The Insurance Account shal1 be held until such time as the foregoing clauses (i) and/or (ii) can be complied with, or until other funds become available which, together with the Insurance Account, will be sufficient to make the repairs or replacements originally required, whichever of said events occurs first. (ii) The provisions of (1) above notwithstanding, the City shall . . to into have author~ty enter CO-lnsurance or similar plans where risk of loss is shared in whole or in part by the City. (iii) The annual audit hereinafter required shall contain a section commenting on whether or not the City has complied with the requirements of this Section with respect to the maintenance of insurance, and listing all policies carried, and whether or not all insurance prem~ums upon the ~nsurance policies to which reference is hereinabove made have been paid. (i) The City Council of the City wil1 fix, establish, maintain and collect such rates, charges and fees for the use and availability of the System at all times as are necessary to produce Gross Revenues sufficient (1) to pay all current operation and maintenance expenses of the System, (2) to produce Net Revenues for each year at least equal to 1.25 times the principal and interest requirements (including Amortization Installments) of all then outstanding Parity Bonds for the year during which such requirements are scheduled to be the greatest, and (3) to pay all other obligations of the System. (j) The City will keep proper books of record and account in which full, true and correct entries wil1 be made of all dealings, activities and transactions relating to the System, the Pledged Revenues and the Funds created pursuant to this Ordinance, and all books, documents and vouchers relating thereto shall be made 4588f -41-