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, -� � <br /> � . <br /> maintenance and leave a balance equal to at least one hundred ten per <br /> cent (11096) of the average annual principal and interest requir ements <br /> on bonds then outstanding and the average principal and interest re- <br /> quirements on the bonds then proposed to be isaued; and <br /> WHEREAS the Council of this City has caused an audit of the <br /> earnings of the waterworks system to be made for the last preceding <br /> fiscal year, being the fiscal year ending on August 31, 1971, and <br /> this Council has heretofore determined and does hereby find and de- <br /> termine that the earnings of the waterworks system for the last pre- <br /> ceding fiscal year were sufficient to comply with the covenants and <br /> restrictions provided for in and by said ordinances authorizing the <br /> outstandin� Water Revenue Bonds, and that the earnin�s for such last <br /> preceding fiscal year were sufficient to permit the issuance of addi- <br /> tional Water Revenue Bonds of the City of Decatur, as hereinafter <br /> provided, such additional Water Revenue Bonds to sha,re ratably and <br /> equally in the earnings of the waterworks system of said City with <br /> all the Water Revenue Bonds of said City here�tofore issued and now <br /> outstanding: <br /> NOW, T,EIEREFORE, Be It Ordained by the Council of the City <br /> of Deeatur, Macon County, Illinois, as follows : <br /> Section l. That the Council has caused to be made an <br /> estimate oF the cost of making improvements to the waterworks system <br /> of said City, as described in the preambles hereof, and all in ac- <br /> cordance with plans and specifications therefor heretofore approved <br /> and now on file in the oPfice of the City Clerk for public inspec- <br /> tion, and has heretofore determined and does hereby find, determine , <br /> and estimate that the total estimated cost of such improvements ia <br /> the sum of $8,000,000. <br /> Section 2. That the Council does hereby determine the <br /> period of usefulness of said waterworks system, including the im- <br /> provements hereby proposed, to be forty years . <br /> Section 3. That for the purpose of defraying the cost <br /> of constructing such improvements as referred to and described <br /> -3- <br />