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derived from the operation of the Utility System as such revenues are
defined and pledged in Section 11 of this ordinance.
(i) "Utility System Revenue Fund," "Utility System Revenue
Bonds Interest and Sinking Fund," "Utility System Revenue Bonds
Reserve Fund," and"Utility System Contingency Fund," shall mean the
special funds which the City Council has heretofore created and
ordered to be established and maintained for the payment of expenses
of operating and maintaining the Utility System and costs of certain
repairs or replacements to said System and for the payment of prin-
cipal of and interest on bonds outstanding against the Utility System
as hereinafter more specifically stated.
SECTION 10. UTILITY SYSTLN. That the UTILITY SYST1111 (herein-
after sometimes called the "System"), as created and established by
the City Council, is comprised of the entire waterworks system, the
entire sewer system, and the entire electric light system now owned
and operated by the City of Georgetown, Texas, together with all
improvements, extensions and additions thereto which may be made while
any Parity Bonds or additional Bonds remain outstanding against the.
System. Such Utility System shall be operated on the basis of a
fiscal year commencing on September lst of each year and ending on
August 31st of the following year.
SECTION 11. Pledge of Revenues. The Bonds herein authorized
and the outstanding City of Georgetown "Utility System Revenue !Bonds,
Series 1961," dated June 11 1961, and Utility System iievenue Bonds,
Series 19116," dated June 1, 1966, shall be equally and ratably
secured by and payable from an irrevocable first lien on and pledge
of the income and revenues derived and to be derived from the oper-
ation of the System, after deduction therefrom of the amount necessary
to pay all operating, maintenance, replacement and betterment charges
of the System, as is required by Article 1113, of the Devised Civil
Statutes of Texas, 1925, as amended, and by other applicable Statutes
of the State of Texas.
�SECT IGN 12. MAINTLNIML OF ILITE6. The City hereby covenants
and agrees that it will, at all times, while any of the Parity Bonds
or any Additional Bonds, or any interest thereon, are outstanding and
unpaid, charge and collect for services rendered by said Utility
System rates sufficient to pay all maintenance, depreciation, replace-
ment, betterment, and interest charges and to provide an Interest and
Sinking Fund sufficient to pay the interest and principal of such
bonds as such interest and principal mature and any outstanding
indebtedness of said System, as is required by applicable Statutes of
Texas. For the benefit of the original purchasers and for the benefit
of any and all subsequent holders of the Parity Bonds, Additional
Bonds, coupons, or any part thereof, and in addition to all other
provisions and covenants in the laws of the State of Texas, and in
this ordinance, it is expressly covenanted that the City shall fix
and maintain rates and collect charges for the facilities and ser-
vices afforded by the System to the City and to all other customers
which will provide revenues sufficient at all times:
(a) To pay all operating, maintenance and replacement
charges of the Utility System, as is required by Article 1113 of the
Civil Statutes, as amended, and by other applicable Statutes of the
State of Texas.
(b) To establish and maintain the Interest and Sinking Fund
and the Reserve Fund for the Parity Bonds and for any Additional Bonds;
(c) To pay in addition all outstanding indebtedness against
the Utility Syste►n other than the Parity Bonds, or any Additional
Bonds, as and when the same becomes due; and
(d) To provide for the payments into the "Contingency Fund"
as required under the provisions of the Ordinances authorizing the
issuance of the Parity Bonds.
SECTIUN 13. UTILITY SYSTEM RLVENUE l'tTND. There shall be
deposited in the Utility System Revenue 1'und (already established) as
collected all revenues derived from the operation of the Utility Sys-
tem, which fund shall be maintained separate and apart from all other
funds of the City. Such Utility System Revenue Fund shall be maintained
so long as any Parity Bonds, or any Additional Bonds, remain outstand-
ing, in the City's official Depository, and shall be administered as