Laserfiche WebLink
Nothing herein, however, shall be construed to grant to any <br />Registered Owner any lien on any property of or in the County. <br />M. OPERATING BUDGET. On or before the last day of each Fiscal <br />Year, the County shall adopt an annual budget for the System for the <br />ensuing Fiscal Year, which shall include a budget for Operating Expenses. <br />The Operating Expenses incurred in any Fiscal Year will not exceed the <br />reasonable and necessary amounts required therefor and the County will not <br />expend any amount or incur any obligation for the operation, maintenance <br />and repair of the System in excess of the amount provided for the purpose <br />in the annual budget for the then current Fiscal Year except upon <br />resolution of the Board declaring that such expenses are necessary for the <br />operation and maintenance of the System. <br />If the budget discloses that the estimated Gross Revenues and <br />other revenues, funds and receipts pledged hereunder, if any, will be <br />insufficient during such Fiscal Year, after payment of the Operating <br />Expenses, to meet the rate covenant set forth herein, the County shall <br />forthwith revise the rates, fees and charges imposed with respect to the <br />System in order to cure such estimated deficiency and to comply with the <br />rate covenant. There shall be included in the budget amounts necessary to <br />provide for the orderly replacement of the depreciable capital assets of <br />the System. <br />N. CONSULTING ENGINEERS. The County will annually retain the <br />Consulting Engineers for the purpose of providing the County with <br />competent engineering counsel with respect to the economical and efficient <br />operation of the entire water and sewer system of the County and in <br />connection with the making of capital improvements thereto and renewals <br />and replacements thereof. The County may, however, employ additional <br />engineers at any time with relation to specific engineering and operation <br />problems arising in connection therewith. <br />0. NO COMPETING SYSTEMS. To the full extent permitted by law, <br />the County will not grant, renew, extend or allow to expand any franchise <br />or permit for any system similar to the System within the service area of <br />the Systema <br />P. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. Additional <br />Parity Bonds, payable on a parity from the Pledged Funds with the Bonds, <br />may be issued from time to time to finance any portion of the Costs of the <br />construction and/or acquisition of additions, extensions and improvements <br />to the System, or of any physically separate water or sewer system <br />declared by resolution of the Board to be part of the System, or for <br />refunding purposes, in the manner herein provided and upon compliance with <br />both of the following conditions: <br />- 22 - <br />