98-040 ORD AUTHORIZE TEXAS TAX AND REVENUE REFUNDING BONDS, SERIES 1998

Home Browse Search

pursuant to Section 9 may be reduced to the extent and by the amount of the Surplus Revenues then on deposit in the Interest and Sinking Fund or budgeted for deposit therein. Section 10. TRANSFER. That the Mayor and the City Clerk are hereby ordered to do any and all things necessary to accomplish the transfer of monies to the interest and Sinking Fund in ample time to pay such principal and interest. Section 11. MAINTENANCE OF RATES. T'he Issuer hereby covenants and agrees that it will at all times, while any of the Bonds, the Outstanding Revenue Bonds, or any Additional parity revenue bonds, or any interest thereon, are outstanding and unpaid, charge and collect for services rendered by the System rates sufficient to pay all maintenance, depreciation, replacement, betterment, and interest charges, and to provide an Interest and Sinking Fund sufficient to pay the interest and principal of such Bonds, the Outstanding Revenue Bonds or any other Revenue Bonds as such interest and principal mature, and any outstanding indebtedness of the System, as is required by applicable statutes of Texas. For the benefit of the original purchasers and all subsequent holders of the Bonds, the Outstanding Revenue Bonds, and any additional parity revenue bonds, or any part thereof, and in addition to all other provisions and covenants in the laws of the State of Texas, and in this Ordinance, it is expressly covenanted that the Issuer shall fix and maintain rates and collect charges for the facilities and services afforded by the System to the Issuer, and to all other customers, which will provide revenues sufficient at all times: (a) to pay all operating, maintenance and replacement charges of the System, as is required by Article 1113 of the Civil Statutes, as amended, and by other applicable statutes of the State of Texas; (b) to establish and maintain the Interest and Sinking Fund for the Bonds and the Interest and Sinking Fund and the Reserve Fund, if any, for the Bonds, the Outstanding Revenue Bonds and the additional parity revenue bonds; and (c) provide Net Revenues at least equal to 1.10 times the principal and interest requirements of the Bonds, the Outstanding Revenue Bonds, and the additional pazity revenue bonds, if any, from time to time outstanding. (d) to pay, in addition, all outstanding indebtedness against the System, other than the Bonds, the Outstanding Revenue Bonds, and any additional parity revenue bonds, if any, as and when the same becomes due; and (e) to provide for the payments into any Contingency Fund as may be required under the provisions of the ordinances authorizing the issuance of the Outstanding Revenue Bonds, and any additional parity revenue bonds, with such payments to be made if and only to the extent after providing for the required monthly deposits to the Interest and Sinking Fund for the Outstanding Revenue Bonds, and additional parity revenue bonds, if any. 23