Laserfiche WebLink
<br />e <br /> <br />e <br /> <br />e <br /> <br />As used in this Resolution, the term Net Revenues means the <br />gross revenues derived by the City from the operation of its <br />municipal water system (the "System"), including all charges for <br />service, use, availability, and connection to the System, and all <br />monies received from the sale of any facilities or equipment of <br />the System or any by-products thereof, less all normal, <br />reasonable, or current costs of owning, operating, and <br />maintaining the System. If any paYment of principal or interest <br />on the Series 1993B Water Revenue Bonds shall become due when <br />there are not sufficient funds in the Debt Service Account <br />derived from Net Revenues to pay the same, the City Finance <br />Director shall pay such principal or interest from the general <br />fund or other available fund of the City, and such fund shall be <br />reimbursed for such advances from the proceeds of the Net <br />Revenues or of any general ad valorem taxes hereafter levied for <br />such purpose, when collected. The City hereby covenants that it <br />will impose and collect charges for the service, use, and <br />availability of and connection to the City's system at the times <br />and in the amounts required to produce Net Revenues adequate, <br />together with other sources of funding available to the Debt <br />Service Account and properly allocable to paYment of the Series <br />1993B Water Revenue Bonds, to pay all principal of and interest <br />on said Bonds, when due. <br /> <br />Nothing contained in this Resolution shall be deemed to <br />preclude the City from making further pledges and appropriations <br />of the Net Revenues of the System for the paYment of other or <br />additional obligations of the City, provided that, if any such <br />pledge or appropriation is to be made superior to or on a parity <br />with the pledge of the Net Revenues herein made to the Series <br />1993B Water Revenue Bonds, the Council shall first have <br />determined that the estimated Net Revenues of the System will be <br />sufficient, in addition to all other sources, for the paYment of <br />the Series 1993B Water Revenue Bonds and such additional <br />obligations. <br /> <br />The funds described in paragraph 16(ii) above are hereby <br />pledged to the Debt Service Account, but only in such amounts and <br />at such times as may be necessary, together with the other <br />available funds therein and available for such purposes, (and the <br />same shall be used solely) to pay the principal of and interest <br />on the Bonds, or allocable portions thereof, when due, subject to <br />the following additional conditions and limitations: <br /> <br />(1) Under applicable Minnesota law or City procedures, <br />certain of the sources of funds described above may be used <br />or pledged only for specified purposes, and it is the intent <br />of the Council to abide by such restrictions and further to <br />allocate the appropriate revenues to pay for the funding to <br /> <br />246005 <br /> <br />19 <br />