Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

Browse Search

an accountant's report thereon and along with a certificate of the City to the effect that no Event of Default has occurred, or if an Event of Default has occurred, specifying the nature thereof and, if the City has a right to cure pursuant to Section 7.01 hereof, stating in reasonable detail the measures, if any, being undertaken by the Ciry to cure such Event of Default; and � (2) a certified statement that all insurance required by this Agreement to be carried by the City with respect to the Enterprise is in full force and effect and complies with the terms hereof. (c) The City will prepare annually not more than two hundred seventy (270) days after the close of each Fiscal Year a summary statement showing the amount of the Gross Revenues and the disbursements from the Gross Revenues, and the Maintenance and Operation Costs, in reasonable detail, for the preceding Fiscal Year, and a general statement of the financial and physical condition of the Enterprise. The City will furnish a copy of such summary statement to th"e Authority, the Trustee and any Owner upon request. (d) The Trustee shall not be required to review or inspect, and shall not be deemed to have notice of, the contents of the books and records of the City, any financial statement or statement of insurance coverage delivered to the Trustee under this Section 5.11, it being expressly understood that the Trustee shall only receive and hold such documents as repasitory for examination and copying by any owner at such Owne�'s expense during business hours on Business Days. Section 5.12. Protection of Security and Rights of Authority. The City will preserve and protect the securiry and the rights of the Authority to the Installment Payments hereunder and will warrant and defend such rights against all claims and demands of all persons. In connection therewith, the Authority and the City shall not amend this Installment Purchase Contract except as set forth in Section 8.11 hereof. Section 5.13. Payment of Taxes and Compliance with Governmental Regulations. The City will pay and discharge all taxes, assessments and other governmental charges, if any, which may hereafter be lawfully imposed upon the Enterprise or any part thereof or upon the Gross Revenues when the same shall become due. The City will duly observe and conform with all valid regulations and requirements of any governmental authority relative to the operation of the Enterprise or any part thereof, but the City shall not be required to comply with any regulations or requirements so long as the validiry or application thereof shall be contested in good faith. Section 5.14.Amount of Rates and Charges. (a) The City will, at a8 times while any of the Bonds remain Outstanding, fix, prescribe and collect rates, fees and charges in connection with the Enterprise so as to yield Gross Revenues at least sufficient, after making reasonable allowances for contingencies and errors in the estimates, to pay the following amounts in the order below set forth: (1) All Maintenance and Operation Costs of the Enterprise; 16