HomeMy WebLinkAbout0138_0037Fund" shall mean the special funds which the City Council has
heretofore created and ordered to be established and maintained
for the payment of the expenses of operating and maintaining
the Utility System and costs of certain repairs or replacements
to said System and for the payment of principal of and interest
on the bonds outstanding against the Utility System, as
hereinafter more specifically stated
Section 9. UTILITY SYSTEM That the Utility System
(hereinafter 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 1 of each year and ending on
August 31 of the following year.
Section 10 PLEDGE OF REVENUES (a) The Bonds herein
authorized and the Outstanding Revenue Bonds 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 operation 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 Revised Civil Statutes
of Texas, 1925, as amended, and by other applicable statutes of
the State of Texas, and the following sections of this
ordinance are cumulative of and supplemental to the pertinent
provision of the ordinances authorizing the Outstanding Revenue
Bonds.
(b) The Bonds are being issued as additional parity
revenue bonds defined as "Additional Bonds" in the ordinance
passed by the Issuer on March 9, 1964, authorizing the issu-
ance, sale and delivery of the Issuer's Utility System Revenue
Bonds, Series *1964, and defined as "Additional Bonds" in the
ordinance passed by the Issuer on October 31, 1974, authorizing
the issuance, sale and delivery of the Issuer's Utility System
Revenue Bonds, Series 1974
Section 11. MAINTENANCE OF RATES. The Issuer 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, replacement, 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 provisio,is and covenants in the
laws of the State of Texas, and in this Ordinance, it is
expressly covenanted that the Issuer shall fix and maintain
rates and collect charges for the facilities and services
afforded by the System to the Issuer 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,
17