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Transcription
\ merits of any future year, whether fiscal or calendar. 4. Covenants; (a) The District covenants and agrees to operate the enterprise in an economical and efficient manner and to operate, maintain and preserve the waterworks system in good repair and working order. / (b) The District covenants to prescribe and collect charges for the services, facilities and water of the enterprise at least sufficient to pay maintenance and operation costs, debt service, and other expenses of the enterprise, including payments to the Reserve Fund and necessary depreciation and repair expenses. I (c) The District covenants that in the event of an insufficiency of revenues, a budget calling for a tax levy will be delivered promptly to the tax assessing and collecting officials of Clark County. J (d) No additional bonds may be issued having priority over the bonds of this issue. j (e) The waterworks system will not be sold, leased or otherwise disposed of unless full provision is made for payment of principal and interest of the bonds. / (f) The books and accounts of the enterprise will be audited annually by a certified public accountant and a copy of the audit will be furnished on request to any bondholder. 4 (g) The District will preserve and protect the security of the bonds and defend the rights of the bondholders against all claims. i 15
