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HomeMy WebLinkAbout0366_364364 G� - Exnenses incurred in m„king the audits Above required are to he paid as Tn,inten,nce and operation expenses. " "`he City further agrees to oroinptly furnish a copy of each such audit to Rgusrher-Pierce Co. Inc. and Colunhi,n Securities1 Funk, Hobhs rad Hart Ire. of ,-n Ar!toni.o, Tex%ss., and to Any holder of any c,f the 5onds who shall request same in writinf,,, and that 'he -holderr of any of tho Bonds sl -All h,ve the right to discuss with the ,coount,nt r.,kinE; the ,udit the-'cortents of the ,udit and to ask for such oddit ion,l information a s he may rex son,'Ily request. Section 18 SKl.e, Luse- or other Encumbrance of System. The City hereby cove- nnnts, bines And oblib;ates itself not to sell, le,se or -in Any manner dispose of the Ltility systwn, or any part thereof, inoludinf; any and all extensions ,nd-- additiuris that may --be made theret o, --until all Bonds issued hereunder shall have been p,id in full ,s to both principal and interest (provided that this covenant shall not 1,e cor..st-rued to prevent tl)e disposal of by the City of property which in its judgment h,s become inexnedient to use in connection with the Utility Sti�tern when other property of equ, l v, lue h.A s been substituted therefor. ) Bectton 19. No Competing:- System: That so f,r abs it lee-,a7ly may, the City movengnts andaE..rees, for the protection and security of All Bonds issue& hereunder rnd the holders thereof from tine to tire$ that it will not grant a fr,nchi.se for the op er,tinn of any competing* waterworks, sewer And/or eledtrrc light system in t},e City of Georg,eto ri, until all Bonds issued hereunder sh.11 hove been retired. Section 20.hendeie s in Evprnt of Def,ult . In addit on to 0,11 the ri g;ht5 , nd remedies provided by 1,,us of the State of--Tnx,s-the City covenants And .g'rees p,rticul,rly that to the evert the City (A) def,ults in the -p,yrrnt of princinal or or intere-t on any of the Bonds -when due, (b) fails to nake the p,yrients re- g1zire&--by Section 13 of this Ordinance to )�e rode into the Bond !Fund, kerserve g ibd, axed Contingency Fund or (c) defaults in the observance or performance of .n -kr other of the covenants, conditions' or obligations ebtforth in this Ordinance, the fo1'lowing; remedies shall be av,tl,bles -- )a) The holder or holders of Any of the Bonds --issued hereunder shall be entitled to a writ of mandamus issued by a court of proper jurisdic— tion conpelling and requiring the City Council ,and other officers of the City to observe And perform any covenant, obliEation or c -,nditi.on prescri-lied In the Bond Ordin,,nce.-- -- (b) No delay or omission to exercise any night or power Acuruing upon Any def:,vlt stiA'_t impair any --such riUht or porrer or shall bre construed to be waiver of any such def,ult or Acquiescence tt,ereini and every such -right and pol,,rer n.y be exercised from time to tire ,aid as often as--i,uy be deemrrd expediernt. The specific remedies herein provided shall be c, =1,tive of .,ll other existing-. And the specific,tion of such remedies sli„ ll nbt be deemed to be exclusive. St-ction 21_. Specirl`-Covenants and- Conditions. (a) the City wilt duly and punct- uolly `keep, obseree and perform each and every term, covenant, ,and canditicm on its (dart to be kept. observed and performed, contained in this Ordinance, And will punctually perform -All duties rrith reference to the Utility System requirerd by the Oonstitution ,rid laws oX the iytate- of Texas, incluctir.F pArticul,rly the making And collectinf; of such reasbnable and sufficient rates and charges for services supplied b, --the Utility System to the City and to All ottrer customers, adjusting such raters and charges from titre to time in such manner as will be fully sufficient to meet all the requirer:ents of this Ordiriance and tl,.e proper segrer,tion and application of the revenues of said SysteTl; -- - (b) The City is duly authorized under the laws of the St, -He of Texas to-- tssue the Bonds --and to pledg,e the revenues pledged hereunder, and All necessary action on tate part of the City And its --City Council for the issuance of the Bonds have been duly and effectdtvely taken, and-th,t the Bonds in the hands of the holders ti:ereof Are and will be v,lid and enforceable obli€rations of the City in Accord- ance with -their terms; -,-- (e} That the Bonds authorized hereunder shall be special ptrlig,tions of the Oity And the holder thereof --shall nevar--hAve the right to dem,nd payment out of Any funds --raised or to be raised -by taxation; - (d) Th,,t other than for the--p,yment of the Bonds, t}*r rents, revenues and inome of the Utility-Sy::tem h.ve not been pledged in any manner to the payme-t of Any detts or oblig,tions of the City, nor of s,td Systenn.- (e) That the Utility System of the Cit is free and clear of .11 encumbrances. Section_ 2.2. Ordir.nce to-'Constitzate Cortr.ct. That ttre provisions of this Ord- inance shall constitute A eo-ntr; ct between tier City ,Ttd the holder of holders --from ti -me -to time of tl�e' Bonds, qnd After the issuance of any of said Bonds, no ch.ng;e, v;,Yi.tion or ;-lter,tion of any knid of the provi.stons of this Ordin,rrce may be nwde,-'unless ,s herein rrther•rise provided, until All of the Bonds shall have been p,id a s 'o both princip, l and interest.