HomeMy WebLinkAbout0362_36030
Section 9. Definitions. The following words, terms And expressions used in thsi �
Ordinaneer shall ilAve Vie following me,nings unless the context indic,tes or
implies a different manning.
(a) "City" mean the City of Georgetsorm,
(b) "City Count;il" nr "Council" mergns the f;overr.inf; body of the Ci.t,,r of Georgeton.
(c) "Bonds" s1t,11 me,n the bonda authorized hy'thig CrdinAnce.
(d) "Additional Bonds" shall mean the additional n>trity reveunue bonds permitted
to be issued under t -h,- pruvisions of this Ordirrgnce. -'
(e) "ITtitity System" shAll mean theSystem cre.,ted ,nd established for and on
behalf of th�� City under the provisions of Section 10 of this Crdin.,r.ce.
(f) "amt I:evenues" -.rd "Pledged Revenues" shat mean the revenuers derived
from the oper.tion of the Utility; System Rs such revenues are defined
,nd pledged in Sectionll of this Ordin,nce.
Section 10. Tltility Sy ter#. There is hereby created and established for ,rd
on bmhAlf of the Cityix--a UTILIT! SYST11211 (hereinafter sometimes called the "System)
to -be--operated on the bAsis of A £i.scal ya,r commencirg on September 1st of e,ch
yer end endirg on ;lugust 31st of the following ye,r, and to consist of the entire
w,terworks- wvstem the entire sewer systam, and the erntire electric l;ght system
now owned and onerated by t) -e City of Georf;et:own, Texas; together with ,,11 im-
provements, extensions And Additions -thereto which may be mAde while ,ny Bonds
or gny Idditiongl Bonds rens in outstanding gF^inst the System.
Section 11. Pledt'e of Revenues. The Bonds herein authorized, together with interst
thereon, sl:all be pay„ble--solely form And secured by An irrevocable first lien on
and pledۥe of the income ,nd revenues derived And to be drlrivird from the--oper,tion
o,f the System, -after dedretion thrarfrom of the gnount necessary to nay .11 oper-
,.ting, mainten.,nce, repl,cement and betterment charges of the System,
required }nr ,lrticle--1113, Rf the Revised Civil Statutes of Texas, 1925, as amended,
and by other epplic,ble Statutes of the State of Texgs.
Section 1P-. Y,inten,nce of Rtes. The City here-b.r covenants ,nd 4r,reers that it
will; At All tiries; wh-im any of the Bonds, or Any interest thereon, are outstand-
inr; And unp,id, chgrge• and cotlect for servicws -rendered by --said Utility System r
rtes sufficient to p,), All m,intenance, dei)rac4,tion, replacement, betterment, and
interest ch,rp,,es and to provide an Intererst Ord Sinking; Fund sufficient to- pay --
the intere;'st and princip,l of -the Bonds- As such interest and princirral m,ture And
gnat out stand irr--indebtedness Ap,,inst s,id System, --as is rerquired by Applicable
Statutes of -,Tex,- s. --For the benefit of the orifi in, l purchasers, rrd for the
hen(ifit of ,nv and all subsequent holders of said bonds, Additional Bonds, coupons,
or ,.n -y *Y*rt thereof', And in a-ddi_ti on to All other--provisior-s and covenants in
the l,ws of the bt,te of-iex.,s, And in -this -,Ordinance, it --is expressly caven,nted
that the City--sl)gll fix ,nd m,intgin rtes and ccrllect ch,rF;es for the facilities
And services .'forded by the 6, tem to the City ,nd to ,11 other customers which
will pro -vide revernies sufficient at all 'times:
To p,y all oper,ting, maintengr.ce ,nd repl,cerent ch,rp-e of the Utility
:System, ,s is required 11-v Article 1113 of the Civil bt„ tutes,oAs „Tended,
And by -other AppliaAble Statutes of the StAte of Texas. '
(b) To est,blish and m, nt,,in the Ini Brest A7id Sinhi-ng Fund And the Reserve
Fund -for the Londs ;rd for A:rr ;kddition,l Bonds; --
(c) To pay in ,ddition All outstanding indebtedness ag,inst ttiv Uti-lity Sy:aem
other than Vie- Bonds, ar anv Addtion„1 Bands, ,s and wti,en the sgme
hecome due; And -'
(d) To provide for the p,yrients d)rrto the "Contingency Fund” As required under
t}le provisions of this Ordinance.
Section 13. Utiiityr System Leve+niin-fund. There is hereby cre,ted And ordered to
be est,blisl ed a fund to be desif-n�ted "Utility &rstem hevenue' Furd." There shAll
be deposited in the Utility Sister Revenue Fund as collected all revenues derived
t'rom-tire opergtton of th,e Utility System, 1jrhich fund sh,11 be rm,int,ined sep,r,tC
And �'p,rt from All otlwr fflinds of the City. Such Utility System I'`evenue Fund shall
he m,int,ined so long -,as any Bonds, --or ,ny Additi-onal Bonds, re r.,in outstanding,
in the City's offici,l Penositnry, and shall be ,Orinistered ,s follrnvs:
( ) OPFIF' IOIi ANA YIITTETT _X_CE E`;PFI'?S ,Sihe money in the- Uttlity--System
4
Revenue Fund shall be used first ofor the n,.mient of the, re,son,ble ,nd--proper
expenses -of o7rer,tinf; and m,int;,AninE7 the Utility System, -I r cl ud i�y: s.l,ries,
1„bor, m,teri,ls, ir-tere'ft, rers,irs and extensions recessary to render, efficient
service. The words, "rep,irs" ,rd "extensions" ,s used irr this rrr,gr,ph shall be
construed to refer nr,ly to such renAirs- And extensions, As in the iurlfdement of the
governirrr hody of the City, ,re necessary to keep the System in oper,tion--,nd
render „eeou,te service to the City ,nd the inh. bi.t.;nts thereof, or such As might
he necessary to rerAdy some physic,l accident or condition which would otherwise
i-rp, it the security of the Bonds or _ n.r Additi on, l Bonds.