4 - City of Oxford

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MINUTE BOOK No. 24, CITY OF OXFORD
(2) Unless the actual revenues of the electric distribution
system for the last three (3) completed fiscal
years prior to the issuance of such additional
bonds shall have been sufficient, after the deduction
of all expenses of operation and maintenance, to provide
an average annual sum equal to or exceeding the
total of the following amounts: (i) 120% of the
greatest amount that will come due in any fiscal year
as principal of and interest on all then outstanding
bonds of said City which are payable from the revenues
of said electric distribution system, plus (ii)
120% of the greatest amount which will come due in
any fiscal year as principal of and interest on such
additional bonds during their term, in which event
additional bonds may be issued on a parity with the
bonds herein directed to be issued.
(e) That proper books of records and accounts (separate from all
other records and accounts) shall be kept, in which complete and
correct entries shall be made of all transactions relating to said
electric distribution system, and said City shall furnish to any
holder of any of said bonds, upon written request not more than
thirty (30) days after the close of each fiscal year, complete
operating and income statements of said system covering such
period.
(f) That any holder or holders or any purchaser of not less than
twenty-five per centum (25%) in principal amount of said bonds
then outstanding shall be permitted to inspect at all reasonable
times said electric distribution system and all records, accounts,
and data relating thereto.
(g) That any holder or holders or any purchaser of twenty-five
per centum (25%) in principal amount of said bonds then outstanding
shall be furnished all data and information relating to said
electric distribution system which reasonably may be requested.
SECTION 7. That from and after the delivery of any bonds issued hereunder,
and as long as any of said bonds shall be outstanding, the said electric distri4. 0 '
bution system shall continue to be operated on a fiscal year basis, commencing
on the firEt day of July in each year and ending on the last day of June in
each year, and the income and revenues of said system shall continue to be set
aside and deposited in a Fund which is designated the "ELECTRIC LIGHT FUND".
Moneys in said Fund shall be set aside for, allocated to, and deposited in the
following separate and special funds:
(a) Into a Fund designated the "ELECTRIC INTEREST AND BOND
REDEMPTION FUND" sums sufficient for the payment of the principal
of and the interest on said bonds which will accrue
during such fiscal year. Such allocation and deposit shall
be in addition to the allocations and deposits required to
be made for the payment of principal of and interest on the
outstanding Electric Distribution System Revenue Bonds,
Series 1958, the outstanding Electric Revenue Bonds, Series
1963, and the outstanding Electric Revenue Bonds, Series
1967, and said Fund shall be used only for the Payment
of the principal of and the interest on the bonds herein
authorized to be issued and the said outstanding bonds.
(b) Into a Fund designated the "ELECTRIC OPERATION AND MAIN-
TENANCE FUND" sums sufficient to provide for the payment of
reasonable expenses of operation and reasonable expenses of
maintaining said electric distribution system in good repair
and working order.