Laserfiche WebLink
• ANk Amilk • <br />of such xeq,uirements ia grestest, as such ftet Earni.ngs are shrn►n by a report <br />of a certif3od publ3c aecov.ntant. The term "Net Earnin,ge°, as tased 3n this <br />Sectit3n shall aean ths gx'oss rev+emues aftex' deducting the expata" of aperstion <br />and ma3.ntene►nce but sot deductiztg ezpfmditures vhich wnder stata8ard acccunt3ng <br />practice sha11 be char,gad to capital expenditures= <br />(c) Acompettnt iud*Pendant engineer certi.fies in rrrritiag <br />hits opinion aa to wnnal earpowes and ineome and liet Fern3ngs of the Systom, <br />tbroughaut th.e lif'e of the Bdnde and the Additianal. Borids, and such certiFicate <br />ehors that the avearage annuaZ Het Berrings fr4m the System reill be et least <br />oxe azYd one-ha3f times tne arequirltmeats for the payment o> principsl and in- <br />ttreet on the then cautstaaading Bond.e and the Additional Bands for the year <br />vhen tke aamaunt of such requ3rawnts is the greatest; <br />(d) That th* proceeeds of such tavads eha1l be used solely <br />for the making of renewals, xeplacemezitav impx`ovements atnct eatteruicros of the <br />vat+erworke and sever aystem vhich may be detearmined by the City Couacil to be <br />necessary aaad econvmical2y feasible; <br />(e) Tne Aaaitianaz Bonds are maae to mature JUsY 1 «e OsCh <br />of the yr3ara i.n tfh3ch they are echeduled ta matwre; <br />(f) 'Zhe Adda.tiozas3 BQnda previous9,y slae,3..1 have bean vofi.ed <br />1ay the qua].ified paroPwt3t taxP~ng voterm of the City. <br />21. (MA~3,'+~CF AND OPMTIOAI). 2he CitYshan mgintain <br />the Sytt'tew: in gnOd cclnc3itian and OperatE the m8me in ar1 /tfPiCient mannet' aa1d <br />st a xeasoaabl.e cost. So loug as any of the bontie are outstsnding t:}e C3ty <br />agreea to mainta,in inaturaace far the benefit of the holder crr hol.ders of tha <br />bcands,, an the ~ystem of a kind and itt an amunt vhi.eh uswe,].ly trould be carri+td <br />by privaate companiee ez►gsged in a similar tyge of businesi. Nothing in th.is <br />ord3.nance shs1l be conatrued as r+equiring tlae City to &Vsnd any t'unds vhich <br />are derr3.ved from staurces othor than the operatibn of tle Systaett., but nrathirag <br />hsre3,n shall be ccrz.ustrusd ata preventing the City fram doing eo. <br />22. (ACCt?UM AM FTSCAL YEAR) The City sha1+], keep <br />1roPer bvaks of records end accountr (aeparato iPrnm aI1 other recorde and <br />accovnts) ii2 Nh3ch ct;aplete and coxrect entriea Sha11 b~ mde of s21 trans- <br />actione relatirg to the System. The City viZl operate the System end rili <br />kemp ita bcioks of recorcis and sccounta an the basis of a fiscal year anding <br />Juae 30. <br />