Res13 15263 - Laserfiche WebLink

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(b) Furthermore, the City shall 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 issued or incurred after the date hereof 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 shalt at all times be sufficient to meet the requirements set forth in this paragraph. (c) If the City violates the covenants set forth herein, such violation shall not, in and of itself,�be a default under this Installment Purchase Contract and shall not give rise to a declaration of an Event of Default if the coverage calculated hereunder does not decrease below 1.00 times annual Debt Service on the Bonds, 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 cocnpliance; 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 Section ?.O1(b). (d) The City shall furnish to the Trustee by each April 1 following the close of each of its Fiscal Years, an audit repart of an Independent Certified Public Accountant with respect to the Fiscal Year, together with a certificate of the City certifying that the City has complied with its rate covenant contained in subsections(a)and (b)above for the Fiscal Year. Section 5.15. Operation of Enterprise• Collection of Rates and Charges The City will, so long as the Bonds are Outstanding, continue to operate the Enterprise and shall have in effect at all times rules and regulations requiring all users of the Enterprise provided by the City that is provided or made available to pay the rates, fees and charges applicable to the Enterprise provided or made available to such users, and providing for the billing thereof and for a due date and a delinquency date for each bill. In each case where such bitl remains unpaid in whole or in part after such bill becomes delinquent, the City, in accordance with law, may refuse to provide or make available the services provided by the Enterprise to such premises until all delinquent rates, fees and chazges and penalties have been paid in full. Except in connection with the.receipt of federal or State funding,or as required as a condition to the acquisition or operation of the Project, the City will not permit any part of either Enterprise, or any facility thereof, to be used, or taken advantage of, free of charge by any person,firm or corporation, or by any public agency(including the United States of America,the 338529_i.DOC 1 g