Res13 15263 - Laserfiche WebLink

Browse Search

All of the Gross Revenues, together with any interest earned thereon, shall, so long as any Bonds shall be Outstanding under the Indenture, be deposited with the Finance Officer as received by the City in the Revenue Fund, which fund the City hereby covenants and agrees to maintain with the-Finance Officer so long as any Bonds shall be Outstanding under the Indenture. The Revenue Fund may contain such accounts and subaccounts as are necessary to account for the various zones or billing policies of the City under applicable City rules and procedures. Section 3.05. Receint and Deposit of Gross Revenues The City covenants and agrees that all Gross Revenues, when and as received, will be received and held by the City in trust hereunder and will be deposited by the City with the Finance Officer in the Revenue Fund and will be accounted for through and held in trust in the Revenue Fund; provided,that the City may withdraw such amounts in the Revenue Fund as may be necessary to make refunds for amounts paid in advance for services provided by the Enterprise, which such service was not thereafter made available or provided. All Net Revenues, whether held by the City as trustee or deposited with the Finance Officer or the Trustee, shall nevertheless be disbursed, allocated and applied solely to the uses and purposes hereinafter in this Article III set forth, and shall be accounted for separately and apart from all other money, funds, accounts or other resources of the City. Section 3.06. Establishment and Maintenance of Accounts for Gross Revenues:Use and Withdrawal of Gross Revenues. All Gross Revenues in the Revenue Fund shall be set aside by the Finance Officer or deposited by the Finance Officer with the Trustee,or the trustee or fiscal agent with respect to Parity Obligations, as the case may be, and shall be applied as follows and in the foltowing order of priority: (1} Maintenance and Operation Costs. In order to carry out and effectuate the pledge and lien contained herein, the City agrees and covenants to pay all Maintenance and Operation Costs of the Enterprise (including amounts reasonably required to be set aside in contingency reserves for Maintenance and Operation Costs of the Enterprise, the payment of which is not then immediately required)from the Revenue Fund as they become due and payable. Pursuant to Section 5.07 hereof, the City shall annually prepaze a budget for Maintenance and Operation Costs. (2) Debt Service Accounts. The Installment Payments, and payment of all other Parity Obligations, shall be paid in accordance with the terms hereof and the Indenture, and of such Parity Obligations, without preference or priority, and in the event of any insufficiency of such moneys,ratably without any discrimination or preference. (3) Reserve Funds. Payments required hereunder, or with respect to Parity � Obligations, to replenish reserve accounts established hereunder or therefore, shall be made in accordance with the terms hereof and of such Parity Obligations, without preference or priority, 9 338529_I.DOC