Particular Covenants of the Municipality Sample Clauses

Particular Covenants of the Municipality. (a) Dedicated Source of Revenue for Repayment of the Loan. The Municipality hereby pledges the Wastewater User Charge in an amount sufficient for the repayment of the Loan; provided, however, that the principal of and interest on this Loan are payable solely from amounts in the Surplus Fund established pursuant to the Ordinance, junior and inferior to the payments to be made into the Operation and Maintenance Account in the Revenue Fund, the Bond Fund, the Reserve Fund, and the Capital Improvements Fund established by the Ordinance. The Loan shall not in any event be a debt of the Municipality within the meaning of any constitutional, statutory or charter limitation upon the creation of general obligation indebtedness of the Municipality, nor shall it impose any general liability upon the Municipality, and the Municipality shall not be liable for the payment of the Loan out of any funds of the Municipality other than the Wastewater User Charges of the Wastewater Treatment Works as provided in this Section 3.02(a). The Municipality shall fix, establish, maintain and collect such rates, fees and charges for the use and services furnished by or through the Municipality’s Wastewater Treatment Works, including all improvements and additions hereafter constructed or acquired by the Municipality, as will provide revenues sufficient to (i) pay the cost of the operation and maintenance, and replacement of the Wastewater Treatment Works, (ii) pay at least 110% of the principal of and interest on the Loan as and when the same become due, and (iii) pay all other amounts due at any time under this Loan Contract. In addition to the funds and accounts established by the Ordinance, the Municipality shall establish an account (the “Loan Payment Account”) for the payment of the principal of and interest on the Loan. The Municipality shall deposit monthly, in the Loan Payment Account, but solely from amounts held in the Surplus Fund established under the Ordinance, an amount equal to at least one-sixth of the anticipated amount due on the next Loan payment date. The Municipality agrees to develop the User Charge System based on actual or estimated use of the Wastewater Treatment Works, provided that each user or user class pays its proportionate share of operation and maintenance (including replacement) costs within the Municipality’s service area, based on the user’s proportionate contribution to the total wastewater loading.
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Particular Covenants of the Municipality 

Related to Particular Covenants of the Municipality

  • Particular Covenants of the Company The Company hereby covenants and agrees as follows:

  • Particular Covenants Section 4.01. In the carrying out of the Project and operation of the Project facilities, the Borrower shall perform, or cause to be performed, all obligations set forth in Schedule 5 to this Loan Agreement.

  • Covenants of the Manager The Manager covenants and agrees with each underwriter as follows:

  • Covenants of the Employee In consideration of the acknowledgments by the Employee, and in consideration of the Compensation to be paid or provided to the Employee by the Employer, the Employee covenants that the Employee will not, directly or indirectly:

  • Covenants of the Executive In consideration of the acknowledgments by the Executive, and in consideration of the compensation and benefits to be paid or provided to the Executive by the Employer, the Executive covenants that he will not, directly or indirectly:

  • Covenants of the Partnership The Partnership covenants with each Underwriter as follows:

  • Covenants of the Fund The Fund covenants with the Underwriter as follows:

  • Covenants of the Vendor The Vendor covenants and agrees with the Purchaser as follows:

  • Covenants of the Trust The Trust covenants and agrees to the following:

  • Covenants of the Transferor The Transferor hereby covenants that:

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