RES 02047 - Laserfiche WebLink

All Revenues in the Revenue Fund shall be set aside by the City or deposited by the City with the Trustee. or the trustee or fiscal agent with respect to Contracts and Parity Bonds. as the case may be. as follows and in the following order of priority: (1) Maintenance and Ooeration Costs. In order to carry out and effectuate the pledge and lien contained herein. the City agrees and covenants to pay all Maintenance and Operation Costs of the Enterprise (including amounts reasonably required to be set aside in contingency reserves for Maintenance and Operation Costs of the Enterprise. the payment of which is not then immediately required) from the Revenue Fund as they become due and payable. Pursuant to Section 5.10 hereof. the City shall annually prepare a budget for Maintenance and Operation Costs. (2) Debt Service Funds, Debt Service Pa)ments payable pursuant to Section 3.03 hereof and all other pa)ments relating to principal and interest on or with respect to Contracts or Parity Bonds. shall be paid in accordance with the tem1S hereof and of such Contracts and Parity Bonds. without preference or priority. and in the event of any insufficiency of such moneys. ratably without any discrimination or preference. (3) Reserve Funds. Payments required pursuant to Section 3,06 hereof. or with respect to Contracts or Parity Bonds. to replenish debt service reserve funds established for Parity Bonds or Contracts shall be made in accordance with the terms hereof and such Contracts and Parity Bonds. without preference or priority. and in the event of any insufficiency of such moneys. ratably without any discrimination or preference. (4) General Exoenditures, All Revenues not required to be withdrawn pursuant to the provisions of (1) through (3) above shall be used for expenditure for any lawful purpose of the City. including payment of any rebate requirernent or of any obligation subordinate to the payment of all amounts due hereunder or under Parity Bonds or Contracts. The parties hereto acknowledge that although all Contracts and Parity Bonds are secured equally and ratably by applicable Net Revenues. moneys with respect to obligations other than the Bonds may be held by the Trustee or by trustees other than the Trustee under docurnents and agreernents other than the Indenture. and the Indenture irnposes no obligations upon the Trustee with respect to such other obligations. The City shall makc such transfers from the Revenue Fund necessary to effectuate such obligations' parity claim on such Net Revenues conternplated hereby. Section 3.12, Liabilitv of City Limitcd. Notwithstanding anything contained herein. the City shall not be required to advance any moneys derived from any source of income other than Net Revenues legally available therefor in the Revenue Fund and the other funds provided hercin for the payment of the Debt Service Payments or for the performance of any agreernents or covenants contained herein required to be performed by it. The City may. however. but shall not -23- Pleasanton Cross To\\-'n Indenture en DOC