Common use of Amount of Rates and Charges Clause in Contracts

Amount of Rates and Charges. (a) In any Fiscal Year in which the amount on deposit in the Rate Stabilization Fund on the first day of such Fiscal Year is less than Debt Service payable in such Fiscal Year, the Agency shall fix and prescribe rates and charges for Water Service which are reasonably expected to be sufficient to yield during such Fiscal Year Net Revenues (not including amounts transferred from the Rate Stabilization Fund pursuant to Section 5.5 in excess of twenty percent (20%) of Debt Service for such Fiscal Year) which will equal one hundred twenty percent (120%) of the Debt Service for such Fiscal Year. (b) In any Fiscal Year in which the amount on deposit in the Rate Stabilization Fund on the first day of such Fiscal Year is at least equal to Debt Service payable in such Fiscal Year, the Agency shall fix and prescribe Revenues, other than described in clause (iii) of the definition thereof, that are reasonably expected to be sufficient to yield during such Fiscal Year such Revenues (not including amounts transferred from the Rate Stabilization Fund pursuant to Section 5.06) equal to one hundred twenty percent (120%) of Operation and Maintenance Costs during such Fiscal Year. (c) The Agency may make adjustments from time to time in such rates and charges and may make such classifications thereof as it deems necessary, but shall not reduce the rates and charges then in effect unless the Net Revenues or Revenues, as the case may be, from such reduced rates and charges will at all times be sufficient to meet the requirements of this section. (d) So long as the Agency has complied with its obligations set forth in clause (a) and (b) above, the failure of Net Revenues to equal one hundred twenty percent (120%) of Debt Service at the end of a Fiscal Year shall not constitute a default or an Event of Default hereunder.

Amount of Rates and Charges. (a) In any Fiscal Year in which To the amount on deposit in fullest extent permitted by law, the Rate Stabilization Fund on District shall fix and prescribe, at the first day commencement of such Fiscal Year is less than Debt Service payable in such each Fiscal Year, the Agency shall fix and prescribe rates and charges for Water Service with respect, or applicable, to the System which are reasonably expected to be at least sufficient to yield during such each Fiscal Year (i) Net Revenues (not including amounts transferred from the Rate Stabilization Fund pursuant equal to Section 5.5 in excess of twenty percent (20%) of Debt Service for such Fiscal Year) which will equal one hundred twenty percent (120%) of the Debt Service for such Fiscal Year. (b) In any Fiscal Year payable in which the amount on deposit in the Rate Stabilization Fund on the first day of such Fiscal Year is at least and (ii) Net Revenues remaining after payment of Debt Service on Bonds and Contracts equal to one hundred ten percent (110%) of Subordinate Debt Service payable in such Fiscal Year, the Agency shall fix and prescribe Revenues, other than described in clause (iii) . [The amount of the definition thereof, that are reasonably expected to be sufficient to yield during such Unencumbered Fund Balance as of the last day of the immediately preceding Fiscal Year such Revenues shall be credited towards the District’s obligations under this subsection (a), in an amount not including amounts transferred from to exceed 20% of Debt Service referred to in the Rate Stabilization Fund pursuant to Section 5.06) equal to one hundred twenty percent (120%) of Operation and Maintenance Costs during such Fiscal Yearpreceding sentence. (c) ] The Agency District may make adjustments from time to time in such rates and charges and may make such classifications classification thereof as it deems necessary, but shall not reduce the rates and charges then in effect unless the Net Revenues or Revenues, as the case may be, from such reduced rates and charges will at all times are reasonably expected to be sufficient to meet the requirements of this section. (db) So For avoidance of doubt, so long as the Agency District has complied with its obligations set forth in clause (a) and (b) aboveof this section, the failure of Net Revenues to equal one hundred twenty percent meet the thresholds set forth in clause (120%a) of Debt Service this section at the end of a Fiscal Year shall not constitute a default or an Event of Default hereunderso long as the District has complied with in clause (a) of this section at the commencement of the succeeding Fiscal Year.

Amount of Rates and Charges. (a) In any Fiscal Year in which the amount on deposit in the Rate Stabilization Fund on the first day of such Fiscal Year is less than Debt Service payable in such Fiscal Year, the Agency shall fix and prescribe rates and charges for Water Service which are reasonably expected to be sufficient to yield during such Fiscal Year Net Revenues (not including amounts transferred from the Rate Stabilization Fund pursuant to Section 5.5 in excess of twenty percent (20%) of Debt Service for such Fiscal Year) which will equal one hundred twenty percent (120%) of the Debt Service for such Fiscal Year. (b) In any Fiscal Year in which the amount on deposit in the Rate Stabilization Fund on the first day of such Fiscal Year is at least equal to Debt Service payable in such Fiscal Year, the Agency shall fix and prescribe Revenues, other than described in clause (iii) of the definition thereof, that are reasonably expected to be sufficient to yield during such Fiscal Year such Revenues (not including amounts transferred from the Rate Stabilization Fund pursuant to Section 5.06) equal to one hundred twenty percent (120%) of Operation and Maintenance Costs during such Fiscal Year. (c) The Agency may make adjustments from time to time in such rates and charges and may make such classifications thereof as it deems necessary, but shall not reduce the rates and charges then in effect unless the Net Revenues or Revenues, as the case may be, from such reduced rates and charges will at all times be sufficient to meet the requirements of this section. (d) So long as the Agency has complied with its obligations set forth in clause (a) and (b) above, the failure of Net Revenues to equal one hundred twenty percent (120%) of Debt Service at the end of a Fiscal Year shall not constitute a default or an Event of Default hereunder.

Amount of Rates and Charges. (a) In To the fullest extent permitted by law, so long as any Fiscal Year in which the amount on deposit in the Rate Stabilization Fund on the first day of such Fiscal Year is less than Debt Service payable in such Fiscal YearInstallment Payments remain outstanding, the Agency shall District will fix and prescribe rates and charges for Water Service the Enterprise which are reasonably expected to be at least sufficient to yield during such each Fiscal Year Net Revenues (not including amounts transferred from the Rate Stabilization Fund pursuant equal to Section 5.5 in excess of twenty percent (20%) of Debt Service for such Fiscal Year) which will equal one hundred twenty percent (120%) % of the Debt Service for such Fiscal Year. (b) In any Fiscal Year in which the aggregate amount on deposit in the Rate Stabilization Fund on the first day of such Fiscal Year is at least equal to Debt Service payable in such Fiscal Year, the Agency shall fix and prescribe Revenues, other than described in clause (iii) of the definition thereofInstallment Payments, that are reasonably expected to be sufficient to yield during such Fiscal Year such and principal of and interest on any Parity Obligations issued or incurred after the date hereof payable from Net Revenues (not including amounts transferred from the Rate Stabilization Fund pursuant to Section 5.06) equal to one hundred twenty percent (120%) of Operation coming due and Maintenance Costs payable during such Fiscal Year. (c) . The Agency District may make adjustments from time to time in such rates and charges and may make such classifications thereof as it deems necessary, but shall not reduce the rates and charges then in effect unless the Net Revenues or Revenues, as the case may be, from such reduced rates and charges will at all times are reasonably expected to be sufficient to meet the requirements of this sectionsubsection. (db) So long as the Agency District has complied with its obligations set forth in clause (a) and (bsubsections 5.16(a) above, the failure of Net Revenues to equal one hundred twenty percent (120%meet the thresholds set forth in subsections 5.16(a) of Debt Service above at the end of a Fiscal Year shall not constitute a default or an Event of Default hereunderso long as the District has complied with subsections 5.16(a) above at the commencement of the succeeding Fiscal Year.