Laserfiche WebLink
Revenues remaining in the Gross Revenue Account, after <br /> the transfers required by subparagraphs 16(c) and (d) <br /> have been made, as are needed to pay, promptly when <br /> due, all expenses which under generally accepted <br /> accounting principles constitute current, reasonable <br /> and necessary costs of the operation, administration <br /> and maintenance of the Golf Course, exclusive of <br /> depreciation and interest costs, and said Gross <br /> Revenues shall be used to pay such costs. To the <br /> Operating Account shall also be credited, so far as <br /> needed, any additional funds other than Gross Revenues <br /> which are appropriated by the Council for payment of <br /> such expenses. The City covenants for the benefit of <br /> the registered owners of the Bonds and any other bonds <br /> . . • . - . n - I - . - - • - • . . - - <br /> exists (or there is anticipated to arise) a deficiency <br /> in the Operating Account which cannot be restored <br /> forthwith from the Surplus Account or other available <br /> City funds appropriated by the Council for that <br /> purpose, the Council shall provide and include in its <br /> next annual budget, and shall appropriate to the <br /> Operating Account, an amount sufficient to restore such <br /> deficiency. <br /> (f) Surplus Account. To the Surplus Account <br /> there may be transferred such amounts of the Gross <br /> Revenues on hand in the Gross Revenue Account as are <br /> from time to time not needed to meet the requirements <br /> of the Debt Service Account, the Reserve Account, and <br /> the Operating Account. Moneys on hand in the Surplus <br /> Account shall always be available and used first to <br /> restore any deficiency in the Debt Service Account, <br /> Reserve Account, and Operating Account, but moneys on <br /> hand in the Surplus Account which are not needed for <br /> those purposes may be expended for any other lawful <br /> purpose specified by the Council. <br /> 17. Additional Covenants. The City hereby covenants <br /> and agrees with the registered owners from time to time of all <br /> Outstanding bonds payable from the Debt Service Account that <br /> unless otherwise provided in the resolution authorizing their <br /> issuance, it will fully and promptly perform and do all acts and <br /> things provided for in this Resolution. <br /> (a) Rate Covenant. The City will establish, <br /> maintain, revise when necessary and collect charges, <br /> fees and rents for all services, products, uses, <br /> occupancy, commodities and benefits of whatsoever <br /> nature furnished and made available by the Golf Course <br /> 244882 <br /> 21 <br />