AgdaPkt 2006-01-23 - Laserfiche WebLink

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?P- ~S- the pledge and lien which secures any Parity Debt, including the installment payments due under the 2005 Installment Purchase Contract. The City is obligated to make Installment Payments to the Trustee, on behalf of and as assignee of the Authority. "Net Revenues" means, for any period, all of the Gross Revenues during such period less all of the Maintenance and Operation Costs during such period. "Gross Revenues" means all gross income and revenue received or receivable by the City from the ownership and operation of the Enterprise, calculated in accordance with Generally Accepted Accounting Principles, including: . all rates, fees and charges (including connection fees) received by the City for Water Service, . all other income and revenue howsoever derived by the City from the Enterprise or arising from the Enterprise, and . transfers from the Rate Stabilization Fund to the Revenue Fund. "Gross Revenues" does not include (i) any specific charges levied for the express purpose of reimbursing others for all or a portion of the cost of the acquisition or construction of specific facilities, or (ii) customers' deposits or any other deposits subject to refund until such deposits have become the property of the City. "Maintenance and Operation Costs" means the reasonable and necessary costs and expenses paid by the City for maintaining and operating the Enterprise, as determined in accordance with Generally Accepted Accounting Principles, including but not limited to (a) the reasonable expenses of management and repair and other costs and expenses necessary to maintain and preserve the Enterprise in good repair and working order, and (b) administrative costs of the City attributable to the Enterprise and the financing thereof. Maintenance and Operation Costs does not include . depreciation, replacement and obsolescence charges or reserves therefor, . in any Fiscal Year, prior to setting aside an amount equal to the Installment Payments for such Fiscal Year, capital expenditures other than as set forth in subsection (a) above, . amortization of intangibles or other bookkeeping entries of a similar nature. Application of Revenues. The City is required to deposit all of the Gross Revenues of the Enterprise immediately upon receipt in the Revenue Fund, which has been established and is held and maintained by the City with respect to the Enterprise. Amounts on deposit in the Revenue Fund will be applied by the City to pay when due the following amounts in the following order of priority: (i) all Maintenance and Operation Costs of the Enterprise; (ii) the Installment Payments, and payment of all other Parity Obligations, including the installment payments due under the 2005 Installment Purchase Contract; and 10 ,._--_un. - - ....<..