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14 <br />Special, Limited Obligation. The City’s obligation to pay the 2024 Installment Payments <br />(on a parity with the 2017 Installment Payments, the 2015 Installment Payments and any other <br />Parity Obligations) is a special obligation of the City limited solely to the Net Revenues. Under no <br />circumstances is the City required to advance moneys derived from any source of income other <br />than the Net Revenues and other sources specifically identified in the 2024 Installment Purchase <br />Contract for the payment of the 2024 Installment Payments. No other funds or property of the City <br />are liable for the payment of the 2024 Installment Payments and any other amounts coming due <br />and payable under the 2024 Installment Purchase Contract. <br />Absolute and Unconditional Obligations. The obligation of the City to make the 2024 <br />Installment Payments and to pay the interest thereon is absolute and unconditional, and until such <br />time as all 2024 Installment Payments and the interest thereon shall have been fully paid are no <br />longer Outstanding, the City will not, under any circumstances, discontinue, abate or suspend any <br />2024 Installment Payments or any interest thereon required to be made by it under the 2024 <br />Installment Purchase Contract when due, whether or not the Enterprise or any part thereof is <br />operating or operable or has been completed, or whether or not the Enterprise is condemned, <br />damaged, destroyed or seized or its use is suspended, interfered with, reduced or curtailed or <br />terminated in whole or in part, and such payments shall not be subject to reduction whether by <br />offset, counterclaim, defense, recoupment, abatement, suspension, deferment or otherwise and <br />shall not be conditional upon the performance or nonperformance by any party of any agreement <br />or covenant contained herein for any cause whatsoever. <br />Rate Covenants; Collection of Rates and Charges <br />Sum Sufficient. The City will fix, prescribe and collect rates, fees and charges in <br />connection with the Enterprise so as to yield Gross Revenues sufficient, after making reasonable <br />allowances for contingencies and errors in the estimates, to pay the following amounts in the <br />following order of priority: <br />(a) All Maintenance and Operation Costs of the Enterprise; <br />(b) The 2024 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 2017 Installment Payments and the 2015 <br />Installment Payments) as they become due and payable; <br />(c) Amounts necessary to bring the amount of funds in reserve funds <br />established for Parity Obligations, if any, up to the respective reserve requirement within <br />one year of a draw thereon; and <br />(d) 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 />120% Debt Service Coverage. The City is required to fix, prescribe, revise and collect <br />rates, fees and charges for the services and facilities furnished by the Enterprise during each <br />Fiscal Year which are sufficient to yield estimated Net Revenues which are at least equal to one <br />hundred twenty percent (120%) of the aggregate amount of the 2024 Installment Payments, and <br />principal of and interest on any Parity Obligations (including the 2017 Installment Payments and <br />the 2015 Installment Payments) issued or incurred payable from Net Revenues coming due and <br />payable during such Fiscal Year. The City may make adjustments, from time to time, in its rates, <br />8.A. - Page 28 of 255 <br />656