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fees, or charges for services furnished by,or the direct or indirect use of the System, together <br /> with any interest income of the System attributable to the investment of moneys in the <br /> accounts created in the Enterprise General Ordinance and not specifically excluded from the <br /> lien of the Enterprise General Ordinance,and subject to certain exclusions enumerated in <br /> the full text of the definition of"Income." <br /> The Enterprise General Ordinance establishes a special account (the"Income Account")into <br /> which is to be deposited all Income. The Income Account may be maintained as a sub fund, <br /> account or sub account of the Water Enterprise Fund. <br /> The Income on deposit in the Income Account is to be deposited and applied in the <br /> following order of priority: <br /> first,to the payment of necessary and proper costs of operating and maintaining the <br /> System ("Operation and Maintenance Expenses") as they become due (the Income less <br /> such Operation and Maintenance Expenses being referred to as the"Net Pledged <br /> Revenues"); <br /> second,to the Debt Service Account in monthly installments sufficient to pay any interest <br /> accrued and due on the next interest payment date and a ratable portion of the next <br /> installment of principal,if any,on each issue of First-Lien Revenue Obligations <br /> [including the payments due under the Loan Contract]; <br /> third,to the Debt Service Reserve Account,to the extent required to maintain the Debt <br /> Service Reserve Account at the Minimum Reserve Requirement (or,if the Minimum <br /> Reserve Requirement is satisfied with a surety bond or other credit facility,to reimburse <br /> the issuer thereof for any amounts advanced by it,with interest); <br /> fourth,to the payment of the Debt Service Requirements of obligations having a lien on <br /> the Net Pledged Revenues subordinate to the lien securing First-Lien Revenue <br /> Obligations,including the payments due under the Loan Contract; <br /> fifth, to any other lawful purpose determined by the Council,acting as the governing <br /> body of the Enterprise. <br /> Moneys in any or all of the foregoing accounts may,to the extent provided by Supplemental <br /> Resolution,be made subject to transfer to an Excess Investment Earnings Account. In order <br /> to give effect to the requirements of both the Code and the Enterprise General Ordinance, <br /> the City may, to the extent necessary, advance,subject to reimbursement,moneys required <br /> for the payment of Operation and Maintenance Expenses from funds earmarked for <br /> Improvements or Capital Projects,and may also,to the extent necessary,advance,subject to <br /> reimbursement,Net Pledged Revenues required for the payment of Debt Service <br /> Requirements of Obligations from funds earmarked for Operation and Maintenance <br /> Expenses.Nothing in the Enterprise General Ordinance prevents the City from creating sub <br /> funds or sub accounts for the purpose of recording payments and accumulations in a <br /> manner consistent with the accounting principles which may be employed by the City from <br /> time to time. <br /> 25 <br />