CC PACKET 09271988 - Laserfiche WebLink

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of net revenues of the System appropriated to the Bond Fund and, if necessary, from the proceeds of the taxes levied for the Bond Fund . The City hereby appropriates to .the Bond Fund the accrued interest on the Bonds and any amount in excess of $205 , 884 bid for the Bonds and received from the Purchaser upon delivery . of the Bonds . The City shall deposit in the Bond Fund the proceeds of all taxes levied and all other money which may at any time be received for or appropriated to the payment of such bonds and interest , including the net revenues of the System herein pledged and appropriated to the Bond Fund, all collections of any ad valorem taxes levied for the payment of the Bonds , and all other moneys received for or appropriated to the payment of the Bonds and interest thereon. 4 . 03 . Imposition of Charges ; Additional Bonds . The City hereby covenants and agrees with the holders from time to time of the Bonds that so long as any of the Bonds are outstanding , the City will impose and collect reasonable charges for the service, use and availability of the System to the City and its inhabitants . according to schedules calculated to produce net revenues which, will be sufficient , together with any ad valorem taxes levied for the payment of the Bonds , to pay all principal and interest when due on the Bonds , and said net revenues , to the extent.-necessary, are he-r-eby - - irrevocably pledged and appropriated to the payment of the Bonds and interest thereon; provided that nothing herein shall preclude the City from hereafter making further pledges and appropriations of net revenues of the System for the payment of additional obligations of the City hereafter authorized if the City Council determines before the authorization of such additional obligations that the estimated net revenues of the System will be sufficient , together with any other sources pledged to or projected to be used, for the payment of the principal of and interest on the Bonds and such additional obligations . Such further pledges and appropriations of said net revenues may be made superior or subordinate to or on a parity with the pledge and appropriation herein made, as to the application of net revenues received from time to time . 4 . 04 . Full Faith and Credit Pledged; Tax Levy. The full faith and credit of - the City shall be and are hereby irrevocably pledged for the prompt and full payment of the principal of and interest on the Bonds and any other obligations payable from the Bond Fund, as such principal and interest comes due, and the City covenants and 'agrees that it will make good any deficiency in the Bond Fund from the general fund of the City. On or before October l of each year, beginning in the year 1989 , the City Finance Officer will calculate the total amount of cash on hand in the Bond Fund and the available net -12-