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least annually by aqua Lified public accountant and statements of such audit and report will <br />be furnished to all bondholders upon request. <br />(d) The City Council will cause persons handling revenues of the water system <br />and the sewer system to be bonded in reasonable amounts for the protection of the City and <br />the bondholders and will cause the funds collected on account of the operations of such <br />system to be deposited in a bank whose deposits are guaranteed under the Federal Deposit <br />Insurance Law. <br />(e) The City Council will keep the water system and the sewer system insured at <br />all times against loss by fire, tornado and other risks customarily insured against with an <br />insurer or insurers in good standing, in such amounts as are customary for like plants, to <br />protect the holders, from time to time, of the Bonds and the City from any loss due to any <br />such casualty and will apply the proceeds of such insurance to make good any such loss. <br />(f) The City and each and all of its officers will punctually perform all duties with <br />reference to the water system and the sewer system as required by law. <br />(g) The City will impose and collect charges of the nature authorized by <br />Section 444.075 of the Utility Revenue Act, at the times and in the amounts required to <br />produce Net Revenues adequate to pay all principal and interest when due on the Utility <br />Revenue Bonds, and to create and maintain such reserves securing said payments as may <br />be provided in this resolution. <br />(h) The City Council will levy general ad valorem taxes on all taxable property in <br />the City when required to meet any deficiency in Net Revenues. <br />(i) The City hereby determined that the estimated collection of Net Revenues <br />herein pledged for the payment of principal and interest on the Utility Revenue Bonds will <br />produce at least five percent (5%) in excess of the amount needed to meet, when due, the <br />principal and interest payments on the Utility Revenue Bonds. <br />4.04. General ObligationPledge. For the prompt and full payment of the principal of and <br />interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of <br />the City will be and are hereby irrevocably pledged. If the balance in the Debt Service Fund is ever <br />insufficient to pay all principal and interest then due on the Bonds and any other bonds payable <br />therefrom, the deficiency will be promptly paid out of monies in the general fund of the City which are <br />available for such purpose, and such general fund may be reimbursed with or without interest from the <br />Debt Service Fund when a sufficient balance is available therein. <br />4.05. Pledge of Tax Levy. For the purpose of paying the principal of and interest on the <br />Abatement Bonds and the Equipment Certificates, there is Levied a direct annual irrepealable ad <br />valorem tax upon all of the taxable property in the City (the "Taxes"), which will be spread upon the <br />tax rolls and collected with and as part of other general taxes of the City. The Taxes will be credited <br />to the Abatement Project Account of the Debt Service Fund above provided and will be in the years <br />and amounts as attached hereto as EXHIBIT C. <br />4931-4985-5651.3 <br />