Ord 1991-021 - Laserfiche WebLink

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(f) Schedule of insurance policies and fidelity bonds in force showing with respect to each policy and bond the nature and amount of risk covered, the expiration date and the name of the insurer. (g) Names and titles of principal officers. (h) A general statement concerning any events or circumstances which might possibly affect the financial status of the project. Expenses in making the audits above required are to be regarded as maintenance and operation expenses of the System and paid as such. Section 10.05. Sale, Lease or Other Encumbrance of System. The City hereby covenants, binds and obligates itself not to mortgage or otherwise encumber the System or any part thereof, except as otherwise herein provided, or sell, lease or 1n any manner dispose of the System, or any part thereof, including any and all extensions and additions that may be made thereto, until all Outstanding Bonds, Bonds and Additional Bonds shall have been paid in full as to both principal and interest (provided that this covenant shall not be construed to prevent the disposal by the City of property which in its judgment has become in expedient to use in connection with the System when other property of equal value has been substituted therefor). Section 10.06. Competition. That so far as it legally may, the City covenants and agrees, for the protection and security of the Outstanding Bonds, Bonds, and Additional Bonds and the holders thereof from time to time, that it will not grant a franchise for the operation of any competing water and/or sewer system in the City, until all Outstanding Bonds, Bonds and Additional Bonds shall have been retired. Section 10.07. Further Covenants. The City further covenants and agrees by and through this Ordinance as follows: (a) That it has the lawful power to pledge the revenues supporting this issue of Bonds and has lawfully exercised said power under the Constitution and laws of the State of Texas, including power existing under Articles llll, et seq., V.T.C.S., as amended. (b) That other than for the payment of the Bonds hereby issued and the Outstanding Bonds, and obligations of the City payable from and secured by a lien on and pledge of the revenues of the System subordinate and inferior to such lien and pledge for the Outstanding Bonds and the Bonds, the rents, revenues and income of the combined waterworks and sewer system of said City have not been pledged in any manner to the payment of any debt or obligation of the City, nor of said System. 4172f -29-