WEST MIFFLIN SANITARY SEWER MUNICIPAL AUTHORITY
A RESOLUTION OF THE WEST MIFFLIN SANITARY SEWER MUNICIPAL AUTHORITY, ALLEGHENY COUNTY, PENNSYLVANIA, AMENDING AND SUPPLEMENTING RESOLUTION NO. 27-98
RESOLUTION NO. 31-98
WHEREAS, the Authority has approved Resolution no. 27-98 establishing rates and charges for various sewer systems; and
WHEREAS, it is necessary to establish the commitment of the Authority to take appropriate future action with respect to the issuance of the Authority=s sewer Revenue Bonds, Series 1998;
NOW, THEREFORE, BE IT RESOLVED AND IT IS HEREBY RESOLVED as follows:
1. AUTHORITY RATE COVENANTS
The Authority covenants that it will maintain, charge and collect so long as any of the bonds shall remain outstanding, reasonable rates, rentals and other charges for the use of the facilities of the Sewer System which (after making due and reasonable allowances for contingencies and a margin of error in the estimate) together with other receipts and revenues, with any surplus that has accumulated in the Revenue Fund at the end of the prior fiscal year solely to satisfy the requirements of this subsection (c), shall be at all times at least sufficient to provide annually:
(a) Funds to pay the current expenses of the Authority;
(b) An amount equal to 100% of the debt service requirements with respect to its outstanding bonds during the then current fiscal year of the Authority; and
(c) An amount equal to 10% of the debt service requirements with respect to its outstanding bonds during the then current fiscal year of the Authority.
The Authority further covenants with the holders of the bonds that the sewer rates, rents and other charges will be classified in reasonable way to cover the sewer services so that the sewer rates, rents and other charges will be uniform in application to all sewer services falling within any reasonable class, regardless of the status or connection of any person firm or corporation served.
The Authority also covenants with the holders of the bonds that if at any time the revenues collected shall not be sufficient to enable the Authority to comply with the indenture provisions, it will promptly revise its sewer rates, rents and other charges so that the Authority will be in compliance with the Indenture and so that any deficiencies in transfers of funds required to be made Pursuant to Article VII of the Indenture will be remedied before the end of the next ensuing fiscal year. Before the adoption of any revision of rates, rents or other charges, all computation and estimates upon which such revisions shall be based shall be approved by the Consulting Engineer
RESOLVED, this 3rd day of September, 1998.
Cynthia A. Sullivan, Madam Chairman
Michael Price Jr., Secretary