Ord 1988-018 - Laserfiche WebLink

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authorize the printing of such numbers on the face of the Bonds. It is expressly provided, however, that the presence or absence of CUSIP numbers on the Bonds shall be of no significance or effect as regards the legality thereof and neither the City nor the attorneys approving said Bonds as to legality are to be held responsible for CUSIP numbers incorrectly printed on the Bonds. Section 6.04. Legal Opinion. The approving legal opinion of Hutchison Price Boyle & Brooks, Bond Counsel, may be printed on the back of each Bond over the certification of the City Secretary of the City, which may be executed in facsimile. ARTICLE VII FUNDS AND ACCOUNTS, INITIAL DEPOSITS AND APPLICATION OF MONEY Section 7.01. Special Funds: Use of Surplus Funds. The City covenants, agrees and confirms that so long as any of the Outstanding Bonds, Bonds or Additional Bonds are outstanding, it will maintain in a bank which is a member of the Federal Deposit Insurance Corporation, the special account established pursuant to the Ordinance authorizing the Out-standing Bonds known as the "Water and Sewer System Revenue Fund", into which Fund shall be deposited as received all income and revenue arising from the operation or ownership of the combined waterworks and sewer system, and shall be kept separate and apart from all other funds, and shall be expended and used only in the manner and order specified below, all as permitted and defined by applicable statutes: (a) Current Expenses of the System shall be payable from month to month as a first charge against the Water and Sewer System Revenue Fund as the same become due and payable. The City covenants and agrees that the Current Expenses of the operation of the System in any year will not exceed the reasonable and necessary amounts therefor. (b) There has been created, established, and continuously maintained in a bank which is a member of the Federal Deposit Insurance Corporation, pursuant to the Ordinance authorizing the Outstanding Bonds, a separate account known as the "Water and Sewer System Junior Lien Revenue Bond Interest and Sinking Fund", (the "Water and Sewer System Junior Lien Bond Fund"). Said Fund is hereby confirmed and shall be used exclusively for the purpose of paying principal and interest on the Outstanding Bonds, the Bonds, and Additional Bonds hereafter issued to be on a parity with the Outstanding Bonds and the Bonds. The City covenants and agrees that so much of the proceeds from the sale of the Bonds as represents accrued interest thereon shall be deposited to the credit of the Water and Sewer System Junior Lien Bond Fund concurrently with the receipt of such proceeds. Thereafter, and after providing for the payment of Current Expenses of the System, and in addition to the payments required by the Ordinances authorizing the 2387f -20-