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VI.. -15- `w <br />hereby repealed. ordinance No. 740, adopted and approved January 3, <br />1967, is continued in effect except to the extent that it may be <br />inconsistent with the provisions of this Ordinance. <br />(g) The City covenants and agrees that the rates shall 11 <br />never be reduced while any of the bonds are outstanding unless <br />there is obtained from an independent certified public accountant <br />a certificate that the net revenues of the System (net revenues <br />being defined as gross revenues less the expenses of operation <br />and maintenance of the System, including all expense items <br />properly attributable to the operation and maintenance of the - <br />System under generally accepted accounting principles applicable <br />to municipal waterworks and sewer systems), with the reduced <br />rates, will always be equal to the amount required to be set <br />aside for the Depreciation Fund, and leave a balance equal to <br />at least 1500 of the aggregate average annual principal and <br />interest requirements on all outstanding bonds of the 1976 Bonds, <br />the bonds of this issue and any subsequent parity issue. The <br />City further covenants and agrees that the rates shall when <br />necessary, from time to time, be increased in an amount which <br />will produce net revenues at least sufficient to provide for <br />the required deposit into the Depreciation Fund, to leave a <br />balance equal to the amount necessary for paying principal and <br />interest when due on the 1976 Bonds, the bonds of this issue <br />and the bonds of any subsequent parity issue, and to maintain <br />all funds in connection therewith at required levels. <br />Section 6. The provisions, covenants, undertakings <br />and stipulations set forth in the 1976 Ordinance, including, <br />without limitation, those pertaining to operation of the System, <br />for the collection and application of the revenues from such <br />operation, maintenance of the System, encumbrance of the System <br />properties, and default and remedies available in the event of <br />default, shall inure and appertain to these bonds to the same <br />extent and with like force and effect as if herein set out in full, <br />except only insofar as the same may be inconsistent with the <br />provisions of this Ordinance. The effect of the above covenants <br />shall be to continue the applicable provisions in full force and <br />