Construction Additions & Improvements to the Sewage Works

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the expenses of operation, repair and maintenance, and depreciation, and the requirements of the Sewage Works Sinking Fund. The rates or charges so established shall apply to any and all use of such works by and service rendered to the City and all departments thereof, and shall be paid by the City or the various departments thereof as the charges accrue. Sec. 15. The City reserves the right to authorize and issue additional bonds, payable out of the revenues of its sewage works, ranking oUia parity with the bonds authorized by this ordinance, for the purpose of finahicing the cost of future additions, extensions and improve- ments to the sewage works, subject to the following conditions: (a) The interest on and principal of all bonds payable from the revenues of the sewage works shall have been paid to date in accordance with the terms thereof. (b) All monthly deposits in the Sewage Works Sinking Fund required by Ordinance No. 3959, adopted February 8, 1954, and by this ordinance, have been made. (c) The net operating revenues of the sewage works in the fiscal year immediately preceding the issuance of any such bonds ranking on a parity with the bonds authorized by this ordinance shall not be less than one hundred twenty -five per cent (125%) of the maximum annual interest and principal requirements of the then outstanding bonds and the additional parity bonds pro- posed to be issued; or prior to the issuance of said parity bonds the sewage rates and charges shall be increased sufficiently so that said increased rates and charges applied to the previous fiscal year's operations would have produced net operating revenues for said year equal to not less than one hundred twenty -five per cent (125%) of the maximum annual interest and principal requirements of the then outstanding bonds and the additional parity bonds pro- M:M