RES 02047 - Laserfiche WebLink

their representatives authorized in "'Titing. upon not less than two (2) Business Days' prior notice to the City. The City shall cause the books and accounts of the Enterprise to be audited annually by an independent certified public accountant or firm of certified public accountants. not more than two hundred and seventy (270) days after the close of each fiscal Year. and shall make a copy of such report available for inspection by the Bond Owners at the office of the City and at the principal corporate trust office of the Trustee. The Trustee shall not be required to review. and shall not be deemed to have notice of. the contents of the books and records of the City. any financial statement or statement of insurance coverage delivered to the Trustee under this Section 5.14 or Section 5.10 or 5,13. it being expressly understood that the Trustee shall only receive and hold such documents as repository for examination and copying by any Owner at such Owner's expense during business hours on Business Days. Section 5.15. Pavment of Taxes and Compliance with Governmental Regulations. The City will pay and discharge all taxes. assessments and other governmental charges. if any. which may hereafter be la",fully imposed upon the Enterprise or any part thereof or upon the Revenues when the same shall become due. The City will duly observe and conform with all valid regulations and requirements of any governmental authority relative to the operation of the Enterprise or any part thereof. but the City shall not be required to make such payments. or to comply with any regulations or requirernents. so long as the payment or validity or application thereof shall be contested in good faith, Section 5,16, Amount of Rates and Charges. The City will at all times fix. prescribe and collect rates. fees and charges for the Sewer Service which are reasonably fair and nondiscriminatory and which will be at least sufficient to yield Net Revenues during the next succeeding twelve-month period equal to one hundred twenty-five per cent (125%) of the Debt Service Payrnents for such twelve-month period and which will be at least sufficient to rneet all the City's obligations hereunder. The City rnay make adjustments from time to time in such rates. fees and charges and may make such classification thereof as it deems necessary. but shall not reduce the rates. fees and charges then in effect unless the Net Revenues from such reduced rates. fees and charges will at all times be sufficient to meet the requirements of this Section. Section 5.17. Collection of Rates and Charges. The City will have in effect at all times rules and regulations requiring all users of the Sewer Service to pay the rates. fees and charges applicable to the Sewer Service provided or rnade available to such users. Such rules and regulations shall also provide for the billing thereof and for a due date and a delinquency date for each bill. In each case where such bill remains unpaid in whole or in part after such bill becornes delinquent. the City may refuse to provide or make available Sewer Service to such premises until all delinquent rates. fees and charges and penalties have been paid in full. The City will not permit any part of the Enterprise. or any facilities thereof. to be used. or taken advantage of. free of charge by any person. firm or corporation. or by any public agency -31- Pleasanton Cross TO\vn Indenture (2).DOC