2013-71 PROVIDING FOR THE ISSUANCE OF A PROMISSORY NOTE, SERIES 2013

Home Browse Search

provide an adequate depreciation fund and to comply with all the covenants of and to maintain the accounts created by this Ordinance. There shall be charged against all users of the System, including the City, such rates and amounts for water service as shall be adequate to meet the requirements of this subsection. Charges for services rendered the City shall be made against the City, and payment for the same shall be made monthly from the corpora a funds into the Waterworks Fund as revenues derived from the operation of the ystem; provided, however, that the City need not charge itself for such services if, in t ie previous Fiscal Year, Revenues, not including payments made by the City, sh 11 have met the requirements of this Ordinance. (c) The City from time to time will make all needful d proper repairs, replacements, additions, and betterments to the System so that it m y at all times be operated properly and advantageously; and when any necessary equipment or facility shall have been worn out, destroyed, or otherwise is insufficient for pr per use, it shall be promptly replaced so that the value and efficiency of the System shall be at all times fully maintained. (d) The City will establish such rules and regulations fo the control and operation of the System necessary for the safe, lawful, efficient and economical operation thereof. (e) The City will make and keep proper books and accounts separate and apart from all other records and accounts of said City), in which complete en ries shall be made of all transactions relating to the System, and hereby covenants that within ninety (90) days following the close of each Fiscal Year, it will cause the books and accounts of the System to be audited by independent certified public accountants and such audits to be available to the holder of the Note. All expenses of the audit required by this Section shall be re arded and paid as Operation and Maintenance Expenses. It is further covenanted and agreed that a copy of each such audit shall be furnished within n-i"thirty (9834) days of completion to the Purchaser (so long as the Purchaser is the holder of the Note),together with such information re ated to the System (to the extent permitted by law) as is reasonably requested by the Pur baser, including a list of_-1e_—p ren_users of the System. (f) The City will keep the books and accounts for the System in accordance with generally accepted fund reporting practices for municipal enterprise funds;provided, however, monthly credits to the Bond and Interest-Account and the Depreciation Account shall be in cash and said funds shall be held separate and apart in cash and investments. For the purpose of determining whether sufficient cash and investments are on deposit in such accounts under the terms and requirements of this Ordinance, investments shall be valued at amortized cost. -23-