RES 67055 - Laserfiche WebLink

32 years from the date of purchase by the Fiscal Agent. For the purpose of determining the amount of money fit the Reserve Account, all investments of moneys therein shall be valued at their current market values as of the next preceding April 30 or October 31. Any such moneys held by the Director of Finance may be iflvested as permitted by then applicable provisions of law. All interest received on any moneys so invested in the Reserve Account shall be deposited in and for the purposes of the Revenue Fund; and all interest received on any moneys so invested in any other fund or account shall remain in such fund or account. ARTICLE V COVENANTS OF THE CITY SECTION 5.01. Punctual Payment. The City will punctually pay or cause to be paid the principal and interest to become due in respect of all the Bonds, in strict conformity with the terms of the Bonds and of this Resolution, and will faithfully observe and perform all of the conditions, covenants and requirements of this Resolution and all Supplemental Resolutions and of the Bonds. SECTION 5.02. .4gainst Encumbrances. The City will not mortgage or other- wise encumber, pledge or place any charge upon the Enterprise or any part thereof, or upon any of the Revenues; provided, however, that the City may enter into exten- sion refund agreements if such agreements provide for payment by the City only out of the Surplus Account. S£CTION 5.03. Against Sale or Other Disposition o/ Property..The City will not sell, lease or otherwise dispose of the Enterprise or any part thereof essen- tial to the proper operation of the Enterprise or to the maintenance of the Rev- enues except as herein expressly permitted. The City will not enter into any lease or agreement which impairs the operation of- the Enterprise or any part thereof nesessary to secure adequate Revenues for the payment of thg. principal of and interest on the Bonds, or which would otherwise impair the rights of the holders of the Bonds with respect to the Revenues or the operation of the Enterprise. Any real or personal property which has become nonoperative or which is not needed for the efficient and proper operation of the Enterprise, or any material or equip- ment which has worn out, may be sold at not less than the ma.rite&value thereof without the consent of Bondholders if such sale will not reduce Revenues and if all of the net proceeds of such sale are deposited in the Revenue Fund. SECTION 5.04. Maintenance and Operation o! Enterprise. The City will maintain and preserve the Enterprise in good repair and working order at all times from the Revenues available for such purposes, and will operate the Enter- prise in an efficient and economical manner. SECXION 5.05. Payment o! Claims. The City will pay and discharge, or cause to be paid and discharged, any and all lawful claims for labor, materials or supplies which, if unpaid, might become a lien or charge upon the Revenues or any