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<br />< . <br /> <br />! " <br /> <br />. <br /> <br />. <br /> <br />fail to produce an amount sufficient to pay the principal and interest <br />becoming due in the next succeeding year, the deficit shall be made up in <br />the next levy, and taxes shall be levied until the principal and interest <br />shall be paid in full. <br /> <br />In addition, the City hereby irrevocably pledges to pay the <br />principal and interest to become due under the Loan Agreement from the net <br />revenues of the City's water system. The City hereby reserves the right to <br />secure, without restriction, any obligations payable from the net revenues <br />of the City's water system hereafter issued equally and ratably wi th the <br />Bonds and the Loan Agreement. The City also hereby commits itself ta fix <br />and annually to maintain rates, fees, toll s, and charges for water and <br />services furnished by the City's water system which, together with other <br />moneys legally available therefor, will be sufficient to pay operation and <br />mai ntenance expenses of the City'S water system, the pri nci pa 1 of and <br />interest on all bonds and other obligation s of the City pertaining ta the <br />City's water system as the same become due, and the other payments required <br />by Art. XII, Section 6 of the City Charter. "Net revenues" as used herein <br />means the gross revenues of the City's water system (excluding any <br />suppl ementa 1 user fees) after the payment of ope rat i on and ma i ntenance <br />expenses. "Operat i on and mai ntenance expenses" as used herei n means a 11 <br />current reasonabl e and necessary expenses of ope rat i ng, ma i ntai ni ng and <br />repairing the City's water system, but does not include any allowance for <br />depreci at ion or capital replacements and improvements. "The Ci ty' s water <br />system" as used herein means not only the properfy comprising the water <br />system of the City at the present time, but all additions and betterments <br />thereto and improvements and extensions thereof which may hereafter be <br />acquired, constructed or installed by the City. <br /> <br />It shall be the duty of the Council annually at the time and in <br />the manner provided by law, if such action shall be necessary to effectuate <br />the provisions of this Ordinance, to ratify and carry out the provisions <br />hereof with reference to the 1 evy and collect i on of the ad valorem taxes <br />and the imposition, administration, enforcement and collection of the water <br />rates, fees, tolls and charges, all as herein specified, and to require the <br />officers of the City to levy, extend and collect said ad valorem taxes in <br />the manner provided by law and to impose, administer, enforce and collect <br />sa i d water rates, fees, toll s and charges for the purpose of providi ng <br />funds for the payment of the operation and maintenance expenses of the <br />City's water system, the payment of the principal and interest due an the <br />Bonds and the Loan Agreement as the same become due, and the other payments <br />described herein. <br /> <br />Section 4. Soecial Oblioation Covenants. If the Loan Agreement <br />is secured only by a pledge on the net revenues of the City's water system, <br />the covenants in Sectian 3 of this Ordinance relating to net revenues of <br />the City's water system shall apply, but those relating to ad valorem taxes <br />shall not apply. <br /> <br />Section 5. Aoorooriation of Sums. The sums hereinbefore <br />provided to pay the principal and interest due under the Loan Agreement are <br />hereby appropriated for that purpose, and said amounts for each year shall <br />be included in the annual budget and the appropriation ordinance, <br />