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Article 6 . (b) Pending the preparation and delivery of <br /> the permanent and definitive Bonds hereinabove authorized, <br /> temporary bonds in the aggregate principal amount of not to exceed <br /> $1, 173 , 500 may be issued for the purpose of providing funds <br /> immediately and in anticipation of the issuance of such permanent <br /> and definitive Bonds. The temporary bonds shall be in such <br /> denominations as the County Judge shall determine, be numbered from <br /> 1 upwards, be sold at a price of 100 cents on the dollar, be dated <br /> the day of delivery, bear interest at a rate not in excess of seven <br /> percent (7%) per annum and be payable two (2) years from their <br /> date. Upon delivery of the permanent and definitive Bonds , the <br /> temporary bonds to the extent then outstanding, with accrued <br /> interest, shall be exchanged for, or paid from the proceeds of , the <br /> permanent and definitive Bonds , and shall be canceled. <br /> Article 7 . The rates heretofore fixed for System <br /> services are confirmed. <br /> The County covenants and agrees that the beginning <br /> balances and rates established will produce gross revenues at least <br /> sufficient to pay operation and maintenance expenses of the System, <br /> pay the principal of and interest on all outstanding bonds to which <br /> System revenues are pledged, as the same become due, create and <br /> maintain debt service reserves, and make the required deposits for <br /> depreciation. The County covenants always to maintain rates <br /> ( including increases as necessary) which will provide for the <br /> maintenance of the funds hereinafter described. The rates shall <br /> never be reduced while any of the Bonds are outstanding unless <br /> there is obtained from a certified public accountant not in the <br /> regular employ of the County a certificate reciting the opinion <br /> that the proposed new rates will produce net revenues (net revenues <br /> being gross revenues to be derived during the next twelve ( 12) <br /> months less the reasonably anticipated cost of operation and <br /> maintenance for the next twelve ( 12) months and less the required <br /> deposits for depreciation of the System for the next twelve ( 12) <br /> months) which will equal not less than 1200 of the maximum amount <br /> that will become due in any year thereafter for principal , interest <br /> and trustee' s and paying agent' s fees on all bonds then outstanding <br /> to which System revenues are pledged ( including the Prior Bonds) . <br /> Article 8 . The County Treasurer shall be custodian of <br /> the gross revenues derived from the operation of the System and <br /> shall give bond for the faithful discharge of his or her duties as <br /> such custodian. The amount of the bond shall at all times be at <br /> least equal to the total funds in his or her custody at any one <br /> time or the sum of $129 , 000 , whichever is greater . From and after <br /> the delivery of any Bonds issued under the provisions of this <br /> Ordinance, the System shall be continuously operated as a <br /> revenue-producing undertaking . All moneys received by the <br /> Treasurer shall be deposited by him or her in such depository or <br /> depositories as may be lawfully designated from time to time; <br /> r M."7. 1997 <br /> 10 <br />