Laserfiche WebLink
<br />11 <br />Section 3.03. Establishment of Accounts. <br /> <br />The funds and accounts and flow of funds set forth in this Article III are hereby <br />established and shall control to the extent inconsistent with any other terms of this Installment <br />Purchase Contract or the Indenture. <br /> <br />Section 3.04. Pledge of Net Revenues and Other Funds: Revenue Fund. <br /> <br />The City hereby irrevocably pledges all of the Net Revenues to the punctual payment of <br />the Installment Payments and such Net Revenues, except as otherwise permitted herein, shall <br />not be used for any other purpose while the Installment Payments are Outstanding. This pledge <br />shall constitute a first lien on the Net Revenues for the payment of the Installment Payments <br />and payments of all Parity Obligations in accordance with the terms hereof and thereof. <br /> <br />All of the Gross Revenues, together with any interest earned thereon, shall, so long as <br />the Installment Payments are Outstanding, be deposited with the Finance Officer as received by <br />the City in the Revenue Fund, which fund the City hereby covenants and agrees to maintain <br />with the Finance Officer so long as any Installment Payments shall be Outstanding. The <br />Revenue Fund may contain such accounts and subaccounts as are necessary. to account for <br />the various zones or billing policies of the City under applicable City rules and procedures. <br /> <br />Section 3.05. Receipt and Deposit of Gross Revenues. <br /> <br />The City covenants and agrees that all Gross Revenues, when and as received, will be <br />received and held by the City in trust hereunder and will be deposited by the City with the <br />Finance Officer in the Revenue Fund and will be accounted for through and held in trust in the <br />Revenue Fund; provided, that the City may withdraw such amounts in the Revenue Fund as <br />may be necessary to make refunds for amounts paid in advance for services provided by the <br />Enterprise, which such service was not thereafter made available or provided. All Net <br />Revenues, whether held by the City as trustee or deposited with the Finance Officer or the <br />Trustee, shall nevertheless be disbursed, allocated and applied solely to the uses and purposes <br />hereinafter in this Article III set forth, and shall be accounted for separately and apart from all <br />other money, funds, accounts or other resources of the City. <br /> <br />Section 3.06. Establishment and Maintenance of Accounts for Gross Revenues: <br />Use and Withdrawal of Gross Revenues. <br /> <br />All Gross Revenues in the Revenue Fund shall be set aside by the Finance Officer or <br />deposited by the Finance Officer with the Trustee, or the trustee or fiscal agent with respect to <br />Parity Obligations, as the case may be, and shall be applied as follows and in the following <br />order of priority: <br /> <br />(1) Maintenance and Operation Costs. In order to carry out and effectuate <br />the pledge and lien contained herein, the City agrees and covenants to pay all <br />Maintenance and Operation Costs of the Enterprise (including amounts reasonably <br />required to be set aside in contingency reserves for Maintenance and Operation Costs of <br />the Enterprise, the payment of which is not then immediately required) from the Revenue <br />Fund as they become due and payable. Pursuant to Section 5.07 hereof, the City shall <br />annually prepare a budget for Maintenance and Operation Costs. <br /> <br />8.A. - Page 179 of 255 <br />807