MINUTE BOOK No. 17, CITY OF OXFORD

MINUTE BOOK No. 17, CITY OF OXFORD415------------------------------------------------------------~~'- _________._Z2_~_K_T_OM_L._K_E_TC_H_IN_GS_C_O_•• _N_A_TC_H_EZ_______________________________________________ ~i !iIl(a) Th'lt it "Jill enlar~e, imp:"ove, and extend the electric dist"lbution system of saidCity of Oxford, as described in the nreamb::'e het'eto, and that as lon~ as any of thebonds or interest coupons authorized hereby are outstandin~ it will operate and maintainsaid electric dist::-ihution system as so extended and improved.(b) That, during the life of said honds, the City of Oxford, will fix and maintainrates and make and col ect charr,es for the sel'vices and facilities of said electricdistribution system as so extended and im:)roved "d. thout r';~ard to the user thereof,S11;f'i..C ent Lo provide : for the ')a~nnent of the principal of and the interest on saidrands as the same shall mature and accrue, ,to :)rovide for the oPl"ration and maintena.nceof said system in f~ood relair and workinrr order, and to provide a eeasonable sumfor depreciaLion. The reates in force at the ti e of the issuance of the bonds authorizedhereby shal' 'ro:n~tly be revised if the revenues of the said electric distributionsystem shell at any time t,e insufficimt to Clrovide all sums required by this ordinance.(c) That, as long as any of said bonds or the interest coupons shall remain outstaading,the said City shall carry and ma ntain fire and mndstorm insurance upon all of thebuildin;:o;s forminr. a 'lart of said electric distrib;tion system, shall forther carry andmaintai!~ B.d eouate '1ubl c liability insurance, and shall further carry and maintainupon All 1ro1erty and equipment of said electric distr bution system other than buildin,s,wh ch may be of n insurnblp nnt"re, insurance of the tpe and kind carriea and maintainedby utility companies, 'lrivately or municinally owned, renderinr; services of a similarchr'racter in similar communities in the State of Mississippi. All such insurance shallbe taken for the benefit of the holders of the bonds of said city which are payable fromthe rf]Ve'~ues of said electric distribuLo: system and shall be in such amounts as arecustor;:arily carried by Clublic utility com;)anies in similar c~rcumstances. The proceedsof all s ch insurance, exce'lt 'luhlic liability insurance, shall be deposited, whenreceived, in the i,Li:.CTHIC LIGHT FUJlJD referred ta in Section 7 of this ordinance, andshall be used only for the maintenance and restoration of said electric distributionsyste, or for thenayment of the ')rincilal of and the Llterest on the bonds above-mentioned.(d) That as lon~ as any of said bonds are outstandin, the City of Oxford shall notiSS',e any !:-ldditional bonds ')ayable from the revenues of said system, except unon oneof the hlo followin" conditions:(1) Unless such bonds shall exoressly be made ~uniQr and subordinate in allres'lects to the h'>J"d s herel.n authorized to be issued.; or(;:;) Unless the actual revenues of the electric distribut~on system for the lastthree com:Jleted fiscal years prior to the issuance of such additional bonds shallha'.'e be'n suf-l'icient, after the deduction of all expenses of operation andmaintenance, to 'lrovicle an average an ual sum equal to or exceedin~ the totalof the foliomnr, amounts: (a) 120% of the !":reatest amount that will come due asnrincipal Of and interst on all then outotan4in~ bonds of said City which are1ayable from the revenues of said electric distri" uLon syste~ plus (b) 120% ofthe freatest amount which wil:::" come due in any fiscal year as principal of andinterest on such additional bonds during their term, in which event additionalb'1nds may be issued on a nar;.ty with the bords herein rLr2cted to be is:3Ued.(e) Th5.t oro')er books of records and accounts (separate from all other records andaccounts) :,h 11 he kept, in which c01lDlete and correct ent :-i,;s shall be made of alltransaations relatinr, to said elec~ric distribution system, and said City shall furnishto any h:-Jlder of any of said bonds, upon written request not more than thirty (30) daysafter the close of each fiscal year, complete oDeratin~ and income statements of saids;.Tstem coverinF, such'ler:i.od.(f) That any holder or holders or any purchaser of not less than twenty-f'..ve percer,tum (25%) in nrincipal amount of said bonds then outstandinr, shall be peJm11ittedto ins')ect at all reasonable times s~id electric distribution system and all records,accounts, and data relatinr, thereto.(p) That any holder or holders or any purchaser of twenty-five per centum (25%) in'1rinci'lal amount of said bonds then outstandin~ shall be furnished all data andinformatio Y \ relatinr' to said electric d ~ strib'Jtion system which reasonably may be requested.,SECTION 7. That from and after deli very of any bonds issued he~eunder,and .'lS lonr, asany of said bonds shall r1e outstandinrr, the said electric distribution system shall continue tobe olerated on a fiscal year basis, commincin r on the first day of Ju~y in each year and endi n,!;on the last day of June in each year, and the income and revenues of said system shall continlJesto be set aside and deposited in the Fund which is desi!;nated the "ELECTRIC LIr}HT FUND."Moneysin said FunrJ. ShAll be set aside for, allocated to, ani deposited in the followinr, separate andsnecial funds:I~------------------------------------------------------~---