1760 ORD CERTIFICATE FOR ORDINANCE AUTHORIZING BONDS

Home Browse Search

and payments into and out of the Junior Lien Interest and Sinking Fund and Junior Lien Reserve Fund, hereinafter created, shall never be considered as expenses of operation and maintenance. (c) The term "Bonds" means the Bonds authorized to be issued and delivered by this Ordinance. (d) The term "Additional Bonds" means Bonds which ; ~ ; the City reserves the right to issue and deliver in the future i as provided in Sections 20 and 21 of this Ordinance. i (e) The term "Authorized But Unissued Bonds means the $200,000 of bonds voted at an election held on August 14,1956 which have not been issued, and the $200,000 of bonds voted at the September 21, 1965 election which will remain unissued after the Bonds are outstanding. (f) The term "First L'ien Bonds" means the City of Paris Waterworks and Sewer Improvernent and Extension Revenue Bonds, Series 1952; City of Paris Waterworks and Sewer Revenue Refunding Bonds, Series 1957; City of Paris Waterworks and Sewer Revenue Refunding Bonds, Series 1957-A; and City of Paris Water- works and Sewer System Revenue Bonds, Series 1962, or bonds issued to refund the same. 11. PLEDGE. Sufficient Net Revenues of the System in excess of the amounts required to accumulate and maintain the Fund for the payment of the First Lien Bonds and the Reserve Fund for that purpose, as required by the ordinances authorizing the First Lien Bonds are hereby irrevocably pledged for the pay- ment of the Bonds, and the interest thereon, and it is hereby ordained that the Bonds, and the interest thereon shall consti- tute a lien upon said Net Revenues junior and subordinate to that of the First Lien Bonds. 12. R.ATES. The City covenants and agrees with the y holders of the Bonds and all Additional Bonds, as follows: