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(2) The Net Revenues of the City's municipal water <br /> system and utility shall be used only for the payment of the <br /> debt service on the Water Bonds. <br /> <br /> (3) The Net Revenues of the City's municipal sanitary <br /> sewer system and utility shall only be used for the payment <br /> of the debt service on the Sanitary Sewer Bonds. <br /> (4) The assessments described in paragraph 17 of this <br /> Resolution shall only be used for the payment of the debt <br /> service on the Improvement Bonds. <br /> (5) The Tax Increments shall be used only for the <br /> payment of the debt service on the TIF Bonds. <br /> As used in this paragraph, Net Revenues shall mean the gross <br />revenues derived by the City from the operation of its municipal <br />water system or its municipal sanitary sewer system, as the case <br />may be, including all charges for service, use, availability, and <br />connection to the applicable system, and all monies received from <br />the sale of any facilities or equipment of said system or any <br />by,products thereof, less all normal, reasonable, or current <br />costs of owning, operating, and maintaining said system. If any <br />payment of principal or interest on those Bonds payable from such <br />respective sources of Net Revenues shall become due when there <br />are not sufficient funds pledged for such purposes in the Debt <br />Service Account to pay the same, the City Finance Director shall <br />pay such principal or interest from the general fund or other <br />available fund of the City, and such fund shall be reimbursed for <br />such advances from the proceeds of the applicable Net Revenues, <br />when collected. The City hereby covenants that it will impose <br />and collect charges for the service, use, and availability of and <br />connection to the City's municipal water system and its municipal <br />sanitary sewer system, respectively, at the times and in the <br />amounts required to produce such Net Revenues adequate, together <br />with other sources of funding available for such purposes, to pay <br />in a full and timely manner all principal of and interest on <br />those Bonds payable hereunder from such revenues, respectively, <br />and on any and all other obligations which are or may become <br />payable in whole or in part from such Net Revenues. Provided <br />such debt service coverage is found to exist (and the Council <br />hereby makes said finding with respect to the portions of the <br />Bonds payable therefrom), the City may issue additional <br />obligations secured in whole or in part from such Net Revenues, <br />whose pledge to any such new obligations may be made superior or <br />subordinate to, or on a parity with, the pledges of such Net <br />Revenues made herein to the applicable portions of the Bonds, <br />respectively. <br /> The City has heretofore issued and currently has outstanding <br /> certain general obligations of the City which are payable from <br /> certain of the Net Revenues, and the Council hereby determines <br /> that the estimated Net Revenues will be sufficient, in addition <br /> to all other sources available for such purposes, for the payment <br /> of the portion of the Bonds payable therefrom, and all such <br /> <br /> 1045757.1 21 <br /> <br /> <br />