RES 67055 - Laserfiche WebLink

25 issuance of such Additional Bonds but which, dur'mg all or any part of such fiscal year, was not in effect, in an amount equal to 75 % of the amo.unt by which the Net Revenues would have been increased if such increase in charges had been in effect during the whole of such fiscal year, as shown by the cer- tificate or opinion of a qualified independent engineer, shall have produced a sum equal to at least 1.30 times the Maximum Annual Debt Service on the Bonds and such Additional Bonds. The certificates of an independent certified public accountant and of a qualified independent engineer, required by this paragraph (f), shall have been placed on file with the Fiscal Agent. In the event that the Additional Bonds are to be issued solely for the purpose of refunding and retiring Bonds or Additional Bonds then outstanding, principal and interest payments on Bonds or Additional Bonds to be so refunded and retired from the proceeds of the Additional Bonds being issued, shall be excluded from the computations of princi- pal and interest payments on Bonds and Additional Bonds then outstanding. Nothing in this Resolution contained shall limit the issuance of any Additional Bonds if, after the issuance and delivery of such Additional Bonds, none of the Bonds or Additional Bonds theretofore issued hereunder will be outstanding. SECTION 3.06. Validity of Bonds. The validity of the authorization and issu- ance of the Bonds shall not be affected in any way by any proceedings taken by the City for the acquisition, construction or improvement of the Enterprise, or by any contracts made by the City in connection therewith. The recital contained in the Bonds that the same are issued pursuant to the Law shall be conclusive evidoace of their validity and of the regularity of their issuance. ARTICLE IV REVENUES SECTION 4.01. Fledge of Revenues; Revenue Fund. (a) All of the Reve- nues are hereby irrevocably pledged to the punctual payment of the principal of and interest on the Bonds, and Revenues shall not be used .for any other purpose while any of the Bonds remain outstanding; except that out of Revenues there may be apportioned such sums, for such purposes, as are expressly permit~.~cLby Section 4.03. Said pledge shall constitute a first and exclusive lien on the Revenues for the payment of the Bonds in accordance with the terms thereof. (b) Except to the extent specifically provided by Section 3.02, all Revenues, together with any interest earned thereon, shall, so long as any Bonds shall be outstanding hereunder, be deposited, on or before the first day of each month beginning in June, 1967, by the City with the Fiscal Agent and shall be deposited by the Fiscal Agent in a special fund to be designated as the "1967 Water Revenue Bond Revenue Fund" (herein called the "Revenue Fund," which is hereby created and which the City hereby covenants and agrees to cause to be maintained). SECTION 4.02. Receipt and Deposit of Revenues. The City covenants and