Resolution 3650 - Laserfiche WebLink

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� or extensions to the Water and�Sewer System of the City. Without regard to the limitations provided by paragraph 11 the City may issue bonds payable from the net revenues of the Water and Sewer System and the special assessments for the Improvement: (a) for the purpose of refunding the principal of all Bonds outstanding; or � (b) for the purpose of refunding the principal of and interest on outstanding Bonds not paid when due for lack of available net revenues. 13. So long as any of the Bonds are outstanding, the City covenants with and for the benefit of each Bond holder that: (a) . The City will establish, maintain and collect such charges of the nature authorized by Section 444.075, Minnesota Statutes, at the times and in the amounts � necessary so that the net revenues of the Water and Sewer System will be sufficient, together with the special assessment for the Improvement to make the required payments into the Water and Sewer Bond Account. (b) The City will continue to own, operate and maintain the Water and Sewer System of the City as a revenue-producing utility free from all liens on the property thereof and income therefrom other than the liens herein described or provided. � (c) The City will use its best efforts to comply with all a licable laws and PP regulations of the United States of America and the State of Minnesota and each ' department and agency thereof, including laws and regulations relating to public health and water and sewer quality. The City will continue to use and operate the System to the extent such use and operation is not prohibited by court order or regulation, but the City may contest the validity or applicability of any law or regulation so long as the System is not thereby subject to unreasonable penalties or risk of damage or forfeiture. The City shall construct any improvements or extensions ultimately determined to be necessary to comply with applicable laws or regulations so that the System may be used and operated as a revenue-producing utility, and the City may issue additional obligations secured by a parity lien on and ratably payable from the net revenues of the System, as provided in paragraph 12 hereof, for the purpose of providing money for said necessary improvements or extensions. � 14. The City Clerk is authorized and directed to prepaze and furnish to the purchaser and to the attorneys approving the Bonds, certified copies of all proceedings and records relating to the issuance of said General Obligation Refunding Bonds of 1995 and to the right, power and authority of the City and its officers to issue the same, and said certified copies and certificates shall be deemed the representations of the City as to a11 matters stated therein. � � . -13-