2001-03-01 - Laserfiche WebLink

Home Browse Search

Section 5 . The rates charged for services of the System are heretofore fixed and the conditions, rights and obligations pertaining thereto, as set out in that ordinance, are hereby ratified, confirmed and continued. The City covenants that the rates shall always be maintained (including any increases if and when necessary, from time to time) at levels which will produce Net Revenues at least equal to 120% the amount necessary to pay when due principal and interest on all Bonds to which any System Revenues are pledged to maintain any required reserves and to deposit the amounts required to be paid into the Depreciation Fund during the current and next ensuing fiscal years . (Such rates may be reduced by the City, provided that the covenant set forth in the preceding sentence is always observed. ) As used in this Ordinance : (a) "System Revenues" means Operating Revenues plus Sales Tax Revenues, if any, appropriated as System Revenues . (b) "Operating Revenues" means gross revenues derived from operation of the System (including earnings and profits on investments) . (c) "Sales Tax Revenues" means, for any fiscal year, revenues derived from any sales and use tax levied by the City for the purpose of providing funds for the System or expenses thereof for the then current fiscal year. For all calculations under the provisions of this Ordinance, including Section 14 , such revenues shall be taken into account as "Sales Tax Revenues" only to the extent that such revenues have been appropriated by the City for deposit into the Operation and Maintenance Fund, as received, and to the extent of (and in the amounts not to exceed) the average monthly amount projected to be collected during such fiscal year in the opinion of an independent certified public accountant not in the regular employ of the City (and acceptable to the Trustee) filed with the Trustee, as a result of such appropriation. In making the projection provided for hereby, the independent certified public accountant may rely upon a forecast or projection prepared by a consultant which (1) has previously performed at least one such forecast or projection and (2) is acceptable to such independent certified public accountant . (d) "Net Revenues" means System Revenues less the amounts required to pay the costs of operation, maintenance and repair of the System, including all expense items properly attributable to the operation and maintenance of the System in accordance with generally accepted accounting principles applicable to municipal water and sewer systems (excluding depreciation, interest and amortization expenses) . 11