AgdaPkt 2006-01-23 - Laserfiche WebLink

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/f/. ð / Special Obligation; Obligations Absolute Specia~ Limited Obligation. The City's obligation to pay the Installment Payments and any other amounts coming due and payable, on a parity with the installment payments due under the 2005 Installment Purchase Contract and any other Parity Obligations, under the Installment Purchase Contract is a special obligation of the City limited solely to the Net Revenues. Under no circumstances is the City required to advance moneys derived from any source of income other than the Net Revenues and other sources specifically identified in the Installment Purchase Contract for the payment of the Installment Payments and such other amounts. No other funds or property of the City are liable for the payment of the Installment Payments and any other amounts coming due and payable under the Installment Purchase Contract. Absolute and Unconditional Obligations. The obligation of the City to make the Installment Payments and to pay the interest thereon is absolute and unconditional, whether or not the Project is acquired, and until such time as all Installment Payments and the interest thereon shall have been fully paid and the Bonds are no longer Outstanding, the City will not, under any circumstances, discontinue, abate or suspend any Installment Payments or any interest thereon required to be made by it under the Installment Purchase contract when due, whether or not the Enterprise or any part thereof is operating or operable or has been completed, or whether or not the Enterprise is condemned, damaged, destroyed or seized or its use is suspended, interfered with, reduced or curtailed or terminated in whole or in part, and such payments shall not be subject to reduction whether by offset, counterclaim, defense, recoupment, abatement, suspension, deferment or otherwise and shall not be conditional upon the performance or nonperformance by any party of any agreement or covenant contained herein for any cause whatsoever. Rate Covenants; Collection of Rates and Charges Sum Sufficient. The City will fix, prescribe, revise and collect rates, fees and charges for the services and facilities furnished by the Enterprise during each Fiscal Year, which are at least sufficient, after making allowances for contingencies and error in the estimates, to yield Gross Revenues sufficient to pay the following amounts in the following order of priority: (a) All Maintenance and Operation Costs of the Enterprise; (b) The Installment Payments and interest thereon and all payments (including payments of interest and under reimbursement agreements) with respect to related Parity Obligations (including the installment payments due under the 2005 Installment Purchase Contract) as they become due and payable; (c) Amounts necessary to bring the amount of funds in the Reserve Fund up to the Reserve Requirement within one year of a draw thereon; and (d) All payments required to meet any other obligations of the City which are charges, liens, encumbrances upon, or which are otherwise payable from the Gross Revenues during such Fiscal Year. 120% Coverage. The City is required to fix, prescribe, revise and collect rates, fees and charges for the services and facilities furnished by the Enterprise during each Fiscal Year which are sufficient to yield estimated Net Revenues which are at least equal to one hundred twenty percent (120%) of the aggregate amount of the Installment Payments, and principal of and interest on any Parity Obligations (including the installment payments due under the 2005 13