AgdaPkt 2007-04-23 - Laserfiche WebLink

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8e Page 30 (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 2005 Installment Payments and the 2006 Installment Payments) issued or incurred payable from Net Revenues coming due and payable during such Fiscal Year. The City may make adjustments, from time to time, in its rates, fees and charges as it deems necessary, but shall not reduce its rates, fees and charges below those in effect unless the Net Revenues resulting from such reduced rates, fees and charges shall at ail times be sufficient to meet the requirements described in this paragraph. If the City violates the rate covenant described in the preceding paragraph, such violation shall not, in and of itself, be a defauit under the Installment Purchase Contract and shall not give rise to a declaration of an Event of Default if the coverage calculated in accordance with the Installment Purchase Contract does not decrease below 1.00 times annual Debt Service on the Bonds and Parity Obligations, amounts sufficient to maintain the Reserve Fund at the Reserve Requirement, and Maintenance and Operation Costs of the Enterprise and, within 120 days after the date such violation is discovered, the City hires an Independent Financial Consultant to review the revenues and expenses of the Enterprise and abides by such consultant's recommendations to revise the schedule of rates, fees and charges and to revise any Maintenance and Operation Costs of the Enterprise insofar as practicable and to take such other actions as are necessary so as to produce Net Revenues to cure such violation for future compliance; provided, however, that if the City does not cure such violation within twelve (12) months succeeding the date such violation is discovered, an Event of Default shall be deemed to have occurred under the Installment Purchase Contract. Additional Debt No Senior Obligations Payabie from Net Revenues. So long as any Bonds are Outstanding, the City may not issue or incur any obligations payable from Net Revenues or the Revenue Fund senior or superior to the Installment Payments and interest thereon. Additional Bonds. In addition to the Bonds, the Authority may, by Supplemental Indenture, issue one or more series of Additional Bonds secured by Revenues on a parity with the Bonds, and may issue and deliver such Additional Bonds in such principal amount as shall be determined by the Authority, but only upon compliance by the Authority with the following specific conditions, among others: (a) Supplemental Indenture. The Authority and the Trustee shall have executed a Supplemental Indenture which (i) sets forth the terms and provisions of such Additional Bonds, including the establishment of such funds and accounts, which may be separate and apart from the funds and accounts established hereunder for the Bonds, as shall be necessary or appropriate, and (ii) requires that prior to the delivery of such Additional Bonds the Reserve Requirement with respect to such Additional Bonds shall be on deposit in the Reserve Fund established under the Indenture or in a reserve fund established under such Supplemental Indenture. 15