1/23/1978 - Laserfiche WebLink

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t tion of the System for the ensuing Fiscal Year, and to the extent that such gross•revenues are insufficient to pay debt service re- quirements during such ensuing year on all outstanding Bonds payable from the revenues of the System, build up and maintain the required reserves for all such outstanding Bonds and pay Operating Expenses, the Issuer shall revise the fees and rates charged for the use of the services and facilities of the System sufficiently to provide the funds required. in) Issuance of Other Obligations. (1) The Issuer covenants and agrees tliat in the event the cost of construction or completion of the Project shall exceed the dollar amount of Bonds herein authorized, it shall deposit into the Construction Account the amount of such excess out of ;funds available to it for such purpose, and the Issuer may pro- vide such excess, and only such excess, through the issuance of parity Bonds conforming to the requirements of paragraph (3) of this.subsection; but except to complete the Project, it will not issue any other obligations payable from or secured by the rev- enues of the System, unless the conditions hereinafter set forth shall be met, or unless the lien of such obligations is junior and subordinate.in all respects to the lien of the Bonds. (2) The Issuer shall have the right to add new water or sewer facilities and related auxiliary facilities, by the issuance of one or more additional series of bonds to be secured by a parity lien on and ratably payable from the gross revenues of•the System, provided in each instance that: (a) The facility or facilities to be built from the proceeds of the additional parity bonds is or are made a part of the System and its or.their revenues are pledged as additional security for the additional parity bonds and the outstanding Bonds. . (b) The Issuer is in compliance with all covenants .-and undertakings in connection with all of its Bonds then out- standing and payable from the revenues of the System, or any part thereof, and has not been in default as to any payments ; _19- "�atw.+.r sew.w....w«v•.T•.o...«n•a+vm�..o...�..e.w. ..,. .. ...... s.«.....�....ww•nv.+»...,....i.,,....r..w.•..v....rr.v..re*ww....wx,,.w.s..wo..�..wa.•rn.+a...o.•.....w.w+..w.. rw-^ JAN 2 3 1978 ��a,�: