4 - City of Oxford

97768— arnow-rom
MINUTE BOOK No. 24 CITY OF OXFORD
good by additional payments to be made out of the first available revenues of
said electric distribution system received during any succeeding months. And,
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in like manner, if during any fiscal year the revenues received from said elec-
tric distribution system shall be insufficient to maintain said funds, the addi-
tional payments sufficient to make up such deficiency or deficiencies shall be
made in succeeding years out of the first available revenues of said electric
distribution system. Whenever the sums actually on deposit in the Electric
Interest and Bond Redemption Fund, the Electric Bond Reserve Fund, and in the
Electric Bond Retirement Fund shall equal the principal amount of all outstand-
ing bonds payable therefrom, together with the amount of all interest due there-
on until the respective maturity dates of all such bonds, then no further pay-
1 ments need be made into said Funds. All sums in the Funds hereinabove referred
to shall be kept on deposit in a bank or banks which are members of the Federal
Deposit Insurance Corporation and at all times shall be continuously secured, as
provided by the Laws of Mississippi for other funds of municipalities.
SECTION 9. That the City of Oxford covenants and agrees with the holder
or holders of the bonds herein authorized to be issued, that it will perform all
duties with respect to the operation and maintenance of said electric distributi
system of said City, and with respect to the fixing, maintaining, and collecting .
of the rates, fees, and charges, and the establishment of the funds herein re-
ferred to, and all other matters and things herein contained, and that it will
do or cause to be done, in apt time and season, each and every official act
necessary for the payment of the principal of and the interest on the bonds here
in authorized to be issued, as the same shall mature and accrue, and said City
hereby irrevocably covenants, binds, and obligates itself not to sell, lease or
dispose of the said electric distribution system, or any substantial portion
thereof, until all the bonds authorized hereunder shall have been paid, or unles
and until provision has been made for the payment of said bonds and the interest
thereon to the respective maturity dates thereof, in full. Any holder of any
of said bonds or the coupons attached thereto may enforce the performance of any
of the covenants and agreements herein contained by any appropriate proceedings
in law or in equity, by suit, action, mandamus or otherwise. If there be any
default in the payment of the interest on or the principal of any of said bonds,
any court having jurisdiction, in a proper action upon petition of the holder
of any of the bonds authorized hereby, may appoint a receiver or trustee to
take possession of, administer, operate, and maintain the electric distribution
system, with power to prescribe and collect rates, fees or charges sufficient
I to provide for the payment of the bonds authorized hereby and the interest
thereon, and to pay the expenses of operating and maintaining said electric
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