The rates hereinbefore established are estimated to be sufficient to provide for the payment of the expenses of administration and operation of the Bishop Airport and such expenses for the maintenance thereof as may be necessary to preserve the same in good repair and working order; to provide for the payment of the interest upon and the principal of all bonds payable therefrom, as and when the same shall become due and payable, and for the creation of a reserve for the payment of principal and interest as required in this ordinance; and to provide for such other expenditures and funds for said airport as are required by this ordinance. Rates shall be fixed and revised from time to time by the City Council so as to produce the foregoing amounts, and the city covenants and agrees to maintain at all times such rates for services furnished by the said airport as shall be sufficient to provide for the foregoing.
(Ord. 1423, passed 2-17-1958)