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<br />8e <br />Page 29 <br /> <br />(or for which obligations secured by such insurance company's insurance policies) at the time <br />of delivery of such surety bond or insurance policy are rated in the highest rating category of <br />Moody's and S&P. Such surety bond or insurance policy shall have a term of no less than the <br />final maturity of the Bonds. In the event that such surety bond or insurance policy for any <br />reason lapses or expires, the Authority shall immediately deliver a replacement surety bond, <br />insurance policy or letter of credit meeting the requirements of the Indenture for deposit in the <br />Reserve Fund. <br /> <br />Special Obligation; Obligations Absolute <br /> <br />Special, Limited Obligation. The City's obligation to pay the Installment Payments <br />(on a parity with the 2005 Installment Payments, the 2006 Installment Payments and any <br />other Parity Obligations) is a special obligation of the City limited solely to the Net <br />Revenues. Under no circumstances is the City required to advance moneys derived from any <br />source of income other than the Net Revenues and other sources specifically identified in the <br />Installment Purchase Contract for the payment of the Installment Payments and such other <br />amounts. No other funds or property of the City are liable for the payment of the Installment <br />Payments and any other amounts coming due and payable under the Installment Purchase <br />Contract. <br /> <br />Absolute and Unconditional Obligations. The obligation of the City to make the <br />Installment Payments and to pay the interest thereon is absolute and unconditional, whether or <br />not the Project is acquired, and until such time as all Installment Payments and the interest <br />thereon shall have been fully paid and the Bonds are no longer Outstanding, the City will not, <br />under any circumstances, discontinue, abate or suspend any Installment Payments or any <br />interest thereon required to be made by it under the Installment Purchase contract when due, <br />whether or not the Enterprise or any part thereof is operating or operable or has been <br />completed, or whether or not the Enterprise is condemned, damaged, destroyed or seized or its <br />use is suspended, interfered with, reduced or curtailed or terminated in whole or in part, and <br />such payments shall not be subject to reduction whether by offset, counterclaim, defense, <br />recoupment, abatement, suspension, deferment or otherwise and shall not be conditional upon <br />the performance or nonperformance by any party of any agreement or covenant contained <br />herein for any cause whatsoever. <br /> <br />Rate Covenants; Collection of Rates and Charges <br /> <br />Sum Sufficient. The City will fix, prescribe, revise and collect rates, fees and charges <br />for the services and facilities furnished by the Enterprise during each Fisca! Year, which are at <br />least sufficient, after making allowances for contingencies and error in the estimates, to yield <br />Gross Revenues sufficient to pay the following amounts in the following order of priority: <br /> <br />(a) All Maintenance and Operation Costs of the Enterprise; <br /> <br />(b) The Installment Payments and interest thereon and all payments <br />(including payments of interest and under reimbursement agreements) with respect to <br />related Parity Obligations (including the 2005 Installment Payments and the 2006 <br />Installment Payments) as they become due and payable; <br /> <br />(c) Amounts necessary to bring the amount of funds in the Reserve Fund up <br />to the Reserve Requirement within one year of a draw thereon; and <br /> <br />14 <br />