(A) Whenever the Metropolitan Sewer District’s (MSD’s) net revenues are less than 1.10 times the debt service on MSD’s outstanding revenue bonds for any consecutive six-month period, by order of the Board of MSD, the schedule of wastewater and stormwater service charges shall be amended in order to maintain a 1.10 debt service coverage required by MSD’s 1971 bond authorizing resolution which was approved by the City of Louisville Ordinance Number 86, series 1971, and by Ordinance No. 25, Series 1979 as amended by Ordinance No. 32, Series 1986, and Ordinance No. 152, Series 1979 as amended by Ordinance No. 388, Series 1986, provided that the aggregate of such adjustments for any 12-month period shall not generate additional revenue from wastewater service charges in excess of 7%. An explanation of proposed rate increases in excess of 4% shall be delivered to the Metro Council at least 60 days prior to MSD Board approval.
(B) The term NET REVENUES is defined as gross revenue from wastewater service charges less operating expenses and debt payments other than debt service payments on MSD’s outstanding revenue bonds.
(1994 Jeff Code, § 50.05) (Jeff. Ord. 25-1979, adopted and effective 11-13-1979; Lou. Metro Am. Ord. No. 275-2007, approved 12-6-2007)