Ordinance No. 19551 - Laserfiche WebLink

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SECTION 5. COVENANTS 5.1, Covenant as to Rates, Rentals, Fees and Char es. 5.1.1, The City shall impose and prescribe such schedule of rates, rentals, fees and other charges for the use and services of and the facilities and commodities furnished by the Airport, revise the same from time to time whenever necessary, and collect the income, receipts and other moneys derived therefrom, so that the Airport shall be and always remain self-sustaining and self-supporting; provided that, in any and all events such schedule of rates, rentals, fees and charges imposed, prescribed and collected shall be such so as to produce: ~a~ Revenues, plus other available money, which will be sufficient to discharge all claims, obligations and indebtedness payable from or secured by the Revenues, including without limiting the generality of the foregoing, the carrying out of all provisions and covenants of this Ordinance, and ~b~ Net Revenues in each Fiscal. Year which are at least equal to one hundred twenty-five percent of the Debt Serv~ce,Requirement payable In that Fiscal Year on all Bonds, the Series 1988 Credit Agreement and the Series 1988 Note, The City shall enact such ordinances and prescribe and enforce such rules and regulations, or impose such contractual obligations, for the payment of said rates, rentals, fees and charges, including, without limitation, the imposition of penalties for any defaults; to the end that the provisions of this paragraph shall be complied with. 5.1,.2. Within 18~ days after the close of each Fiscal Year in which Bonds are Outstanding, the City shall file with the Trustee a signed copy of the annual report of the Accountant for the preceding Fiscal Year showing, among other things, for such year: ~a~ Revenues and Net Revenues; and ~b~ the Debt Service Requirement for the Bonds. In the event that any such report so filed shows that the Revenues and Net Revenues for the preceding Fiscal Year did not equal at least the amounts covenanted to be produced by, and required for the purposes specified in, Section 5.1.1 for said Fiscal Year, or that the Revenues were not sufficient to restore any deficiency in the amounts then required by Section 4.3.2,2 hereof to be credited to the Debt Service Reserve Account, and to pay or discharge all other claims, charges and liens whatsoever Page 32 - Ordinance