5675 AUTHORIZING AND PROVIDING FOR THE ISSUE OF $8,000,000 WATER REVENUE BONDS

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�r ' water service as shall be adequate to meet the requirements of this section. Compensation for services rendered the City shall be charged a�ainst the City and payment for the same Prom the corporate funds shall be made monthly into the Water Fund created by this ordinance as revenues derived from the operation of the waterworks system in the same manner as other revenues are required to be deposited. Ido free service of the system shall be supplied the City or to any other person, firm, organization or corporation, public or private, and to the extent permitted by law, said City further covenants not to grant any competing franchise for the operation of a waterworks system in said City. Section 9. Any holder of a bond or bonds or any of the coupons of any bond or bonds issued hereunder may either in law or in equity, by suit, action, mandamus or other proceedings, enforce or compel performance of all duties required by this ordinance, in- cluding the making and collecting of sufficient rates for water services, segregating the revenues of said system and the applica- tion of income and revenue therefrom to the several respective ac- counts hereinabove referred to and described in this ordinance. Section 10. It is hereby covenanted and agreed that while any Water Revenue Bonds issued hereunder are outstanding any additional revenue bonds issued for improvements and extensions shall not shaxe ratably and equally in the revenues to be derived from the operation of said waterworks system unless and until it is shown by the earnings of said waterworks system that the revenues derived therefrom for the fiscal year then next preceding were sufficient to pay all costs of operation and maintenance, and leave a balance equal to at least one hundred ten per cent (110�) of the average annual principal and interest requirements on bonds then outstanding, and of the bonds then proposed to be issued; provided, however, additional bonds may be issued to shareYa,tably and equally in the revenues de- rived from the operation of said waterworks system regardless of a subsequent date of issue or authorization for the purpose of completing _15_