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<br />16 <br />demands of all persons. In connection therewith, the Authority and the City shall not amend this <br />Installment Purchase Contract except as set forth in Section 8.11 hereof. <br /> <br />Section 5.13. Payment of Taxes and Compliance with Governmental Regulations. <br /> <br />The City will pay and discharge all taxes, assessments and other governmental charges, <br />if any, which may hereafter be lawfully imposed upon the Enterprise or any part thereof or upon <br />the Gross Revenues when the same shall become due. The City will duly observe and conform <br />with all valid regulations and requirements of any governmental authority relative to the <br />operation of the Enterprise or any part thereof, but the City shall not be required to comply with <br />any regulations or requirements so long as the validity or application thereof shall be contested <br />in good faith. <br /> <br />Section 5.14. Amount of Rates and Charges. <br /> <br />(a) The City will, at all times while any of the Bonds remain Outstanding, fix, <br />prescribe and collect rates, fees and charges in connection with the Enterprise so as to yield <br />Gross Revenues at least sufficient, after making reasonable allowances for contingencies and <br />errors in the estimates, to pay the following amounts in the order below set forth: <br /> <br />(1) All Maintenance and Operation Costs of the Enterprise; <br /> <br />(2) The Installment Payments and all payments (including payments of <br />interest and under reimbursement agreements) with respect to related Parity Obligations <br />(whether issued or incurred before or after the date hereof) as they become due and <br />payable; <br /> <br />(3) Amounts necessary to bring the amount of funds in reserve funds <br />established for Parity Obligations up to the respective reserve requirement within one <br />year of a draw thereon; and <br /> <br />(4) All payments required to meet any other obligations of the City which are <br />charges, liens, encumbrances upon, or which are otherwise payable from the Gross <br />Revenues during such Fiscal Year. <br /> <br />(b) Furthermore, the City shall fix, prescribe, revise and collect rates, fees and <br />charges for the services and facilities furnished by the Enterprise during each Fiscal Year which <br />are sufficient to yield estimated Net Revenues which are at least equal to one hundred twenty <br />percent (120%) of the aggregate amount of the Installment Payments, and principal of and <br />interest on any Parity Obligations payable from Net Revenues coming due and payable during <br />such Fiscal Year. The City may make adjustments, from time to time, in its rates, fees and <br />charges as it deems necessary, but shall not reduce its rates, fees and charges below those in <br />effect unless the Net Revenues resulting from such reduced rates, fees and charges shall at all <br />times be sufficient to meet the requirements set forth in this paragraph. <br /> <br />(c) If the City violates the covenants set forth herein, such violation shall not, in and <br />of itself, be a default under this Installment Purchase Contract and shall not give rise to a <br />declaration of an Event of Default if the coverage calculated hereunder does not decrease <br />below 1.00 times annual Debt Service on the Bonds, Parity Obligations, and Maintenance and <br />Operation Costs of the Enterprise and, within 120 days after the date such violation is <br />discovered, the City hires an Independent Municipal Finance Consultant to review the revenues <br />8.C. - Page 178