The city covenants and agrees that as long as any of the $2,291,000 “City of Irvine Utilities Revenue Bonds of 1981,” authorized by the city’s Ordinance No. 7-81-1, as amended, or revenue bond anticipation notes authorized thereby remain outstanding and unpaid, the city will not reduce any of the rates set forth in this chapter, unless an opinion is obtained in writing from a firm of licensed and qualified engineers experienced in water and sewer engineering, that the rates, as proposed to be revised, will produce for the city the same aggregate amount of water revenues as the rates set forth in the schedule of water rates set forth in § 51.02, and the same aggregate amount of sewer revenues as the rates set forth in the schedule of sewer rates set forth in § 51.03; and the opinion of the engineers is reviewed and approved by FmHA.
(Prior Code, § 51.05) (Ord. 7-81-2, passed 8-13-1981; Ord. 91-2, passed 4-29-1991; Ord. 92-4, passed 10-17-1992)