Laserfiche WebLink
I <br />All such insurance shall be carried for the benefit of the <br />holders of the Bonds. All money received by the Issuer by reason <br />of insurance coverage, except liability coverage, shall be deposited <br />to the credit of the Reserve Account and Is hereby pledged by the <br />.Issuer .as security for the Bonds, until and unless such proceeds are <br />used to remedy the loss or damage for which such proceeds are re- <br />ceived, either by repairing the property damaged or replacing the <br />property destroyed within ninety (90) days from the receipt of such <br />proceeds. <br />(K) Maintenance of Svstem. The Issuer will complete the <br />construction of the Project in an economical and efficient manner <br />with all practicable dispatch, and thereafter will maintain the <br />System in good condition and continuously operate the same in an <br />efficient manner and at a reasonable cost. <br />(L) No Free Services. The Issuer will not render or <br />cause to be rendered any free services of any nature by its <br />System, nor will any preferential rates be established for users <br />of the same class; and if the Issuer shall avail itself of the <br />facilities or services provided by the System, or any part <br />thereof, then the same rates, fees or charges applicable to other <br />customers receiving like service under similar circumstances <br />shall be charged to the Issuer. Such charges shall be paid as <br />they accrue, and the Issuer shall transfer from its general funds <br />sufficient sums to pay such charges. The revenues so received <br />shall be deemed to be revenues derived from the operation of the <br />System, and shall be deposited and accounted for in the same <br />'manner as other revenues derived from such operation of the <br />System. <br />(M) Failure of User to Pav for Services. Upon failure <br />• of any user of any product, services or facilities of the System <br />to pay for the same within sixty (60) days after the Issuer <br />shall have billed such user therefor, the Issuer shall shut off <br />the connection of such user and shall not furnish him or permit' <br />him to receive from the System further service until all obli- <br />gations owed by him to the Issuer on account of services, including <br />JAN 2 3 1978 <br />-23.- <br />OR U <br />