Ord 1988-018 - Laserfiche WebLink

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Outstanding Bonds for the payment of the principal and interest on the Outstanding Bonds, there shaH be transferred from the Water and Sewer System Revenue Fund to the Water and Sewer System Junior Lien Bond Fund on or before the 10th day of each month, not less than one-fifth of the next maturing interest payment and one-tenth of the next maturing principal payment with respect to the Bonds unti1 the funds and/or investments in the Water and Sewer System Junior Lien Bond Fund are sufficient to pay debt service requirements on the Outstanding Bonds and Bonds for the then current year, plus a debt service reserve in the sum of $ , and thereafter, such sums as may be necessary to pay when due the then current year's debt service and maintain a debt service reserve in the amount of $ (c) There is hereby confirmed, and the City shan continue to maintain in a bank which is a member of the Federal Deposit Insurance Corporation, so long as any of the Outstanding Bonds, Bonds or Additional Bonds are outstanding, a "Water and Sewer System Replacement and Repair Fund", into which the sum of $ , or such portion thereof as is avai1able, shaH be deposited on or before the 10th day of each month from the net revenues of the combined water and sewer system until the funds and/or investments therein shall amount to $ . Funds in said Water and Sewer System Replacement and Repair Fund shaH be used to pay for any extraordinary repairs or replacements to the System for which funds are not otherwise available and to pay maturing principal or interest on the Outstanding Bonds, Bonds and Additional Bonds when funds in the Water and Sewer System Junior Lien Bond Fund are inadequate for such purposes. Whenever any funds are paid out of said Water and Sewer System Replacement and Repair Fund, payments into the account shaH be resumed and continued until such time as the account has been restored to the level of $ Subject to the foregoing, which are cumulative, any balance in the Water and Sewer System Revenue Fund may be used for the purpose of paying the cost of unusual or extraordinary maintainance, repairs and replacements, or for extensions and improvements which wi11 either enhance the revenue-producing capacity of the Water and Sewer System or provide a higher degree of service, or for acquiring the Outstanding Bonds, Bonds or Additional Bonds for canceUation, or for redeeming the Outstanding Bonds, Bonds or Additional Bonds in inverse numerical and maturity order at not to exceed the redemption price, or for any other lawful purpose. Section 7.02. Security for Funds. AU funds created by this Ordinance shaH be secured in the manner and to the fuUest extent permitted by law for the security of public funds, and such funds shall be used solely for the purposes permitted by this Ordinance. Section 7.03. Investment of Funds. Funds on deposit to the credit of the accounts and funds hereinabove established and maintained in conformity with the provisions of this Ordinance shall be invested by the Depository Bank, upon the request of the City, in direct obligations of, or obligations the principal of and the interest on which are guaranteed by, the United States Government. The investments shall be valued in terms of current market value as of June 30th and 2387f -21-