1982-061 - Laserfiche WebLink

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(I) Rates and Charges. The Issuer covenants and agrees that it will fix, establish, revise from time to time whenever necessary and maintain always, such schedule of rates, fees, ren- tals and charges for the services and facilities of the System which will produce revenues which shall be sufficient to provide 120% of the current Bond Service Requirement and 100% of all other payments required by this Instrument; and that such rates, fees, rentals or other charges will not be reduced so as to be insufficient to provide funds for such purposes. The Issuer covenants and aq_rees that at the same time and in like manner that the Issuer prepares its Annual Budget of Operating Expenses, the Issuer shall annually prepare an estimate of Gross Revenues for the ensuing Fiscal Year, and to the extent that Gross Revenues are insufficient to pay 120% of such Bond Service Requirement during such ensuing year, build up and maintain the required reserves for the Bonds, pay Operating Expenses and pay the current required deposit into the Renewal and Replacement Fund, 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. (J) Issuance of Other Obligations. (1) The Issuer covenants and agrees that it will not issue any other obligations payable from or secured by the Gross Revenues, or any part thereof, 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 holders of the Bonds and the Notes. (2) The Issuer shall not issue any obligations payable on a parity from the South County Water System Revenues with the Notes. (3) The Issuer shall have the right to finance addi- tional water and/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 with the Bonds, provided in each instance that: (a) The facility or facilities to be acquired or 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 addi- tional security for the additional parity Bonds and the outstanding Bonds. (b) The Issuer is in compliance with all covenants and undertakings of the Issuer (i) herein contained, in connection -14-