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Ask ` - Am <br />shall mean the gross revenues after deducting the expense of operation a.-Id <br />r.aintenance but not deductino ex,nenditures which under standa,rd accounting <br />practice sha11 be cha.rged to cdpital expenditur.es; <br />~ <br />(c) A competent independent engir.eer certifies . _Ln Varit.;nb <br />his opinion as to annu&l expenses and incorne and Net Ea-r-riings of the Systc,n <br />throughout the life of the Bond.s and the xdditional Bonds, anu. such certificate <br />sYiows that the average annua.l i~et Earnings frorn the System will be at least <br />one and one-half tirites the requirements for the payr:lent of principal and in- <br />terest on the <br />then <br />outstandir~, <br />}3orlds and the Additional Bonus for the year when <br />tne wnount of <br />such <br />rec~;uire~~,ents <br />is the greatest; <br />(d) 'i'he.t the proceeds of such bonds sha11 be used solely <br />for the iiiaking of renewa'Ls, replace-ments, irnprovennents and exter.sions of the <br />watertiror'cs and sewer systeri which niay ba deterriined by the Cit~T ~%ouncil to <br />'oe necessary and econo.nically feasible; <br />(e) 'Lhe xdditional 3onds are made to ma.ture October 1 <br />of each of the years in urhich they are scheduled to :aature; <br />(f 7.'he ."vdditional Bor.ds previouslY shall have been voted <br />: by the qualified property taxpaying voters of the t.itf. <br />21. (i~xlNT ;T,INCE ~iTv,j Jx'~iI'lCa: j. lhe City shall maintain <br />the System in good condition and operate tr.e sar:ie iii an efficient manner and <br />at a reasonable cost. ao loriJ a.s any of the bonds are uutstanding the City <br />agrees to r;tairitain insurance for the benefit of the holde^ or holaers oi the <br />bonds, on the S3rster: of a kind and in an amount -Yhich usually would be carriect <br />by private co,npanies engaged in a sirniiar t;rpe of Uusiness. i'vothing in this <br />ordinance shall be constnied as reqairing- the i:itJ to expend any funds which <br />are derived from sources other than the opsration of the System, but nothir.g <br />herein shall be construed as preventin,; the CitJ from do:.ri`; so. <br />22. (ACCOUNTS AIvD rISCtiL ~i,Aii) The City sYiall keep <br />p:oper booi;s of records and accounts (separa-Lle frorn a,ll other reccrds and <br />accounts) i.n h,hich complete and correct entries shal.l be made of a-7_1 tr~:ns- <br />actions relating to the System. The City will opera.te the, aystem and wi11 <br />keep its books of recards and accounts on the basis ef a fiscal_ jrear ending <br />a December 31p <br />~ <br />