Ord 1992-032 - Laserfiche WebLink

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Accountants. Each such audit, in addition to whatever other matters may be thought proper by the Accountant, shall particularly include the following: (a) A detailed statement of the income and expenditures of the System for such fiscal year. (b) A balance sheet as of the end of such fiscal year. (c) The Accountant's comments regarding the manner in which the Ci ty 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. (f) 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 IO.O4. 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 llll et seq. , V.A.T.C.S., as amended; that the Bonds and the Additional Parity Obligations, when issued, shall be ratably secured 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 certain 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. 4322f -33-