Ord 1988-022 - Laserfiche WebLink

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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 shall be resumed and continued until such time as the account has been restored to the level of $110,000.00. 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 will 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 cancellation, 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. (b) Said Ordinance is further amended by addition thereto of the following Section 14.03: Section 14.03. Municipal Bond Insurance. If municipal bond guaranty insurance is obtained by the Purchaser, the Bonds, inc1uding the Initial Bond, shall bear an appropriate legend, as provided by the insurer. Section 2. Ordinance in Effect. Except as amended hereby, said Ordinance is and shall remain in force and effect according to the terms thereof. Section 3. Emergency Dec1aration. The public importance of this measure and the fact that it is to the best interest of the City to provide funds for proposed improvements at the earliest possible date, for the immediate preservation of the public peace, health and safety, constitutes and creates an emergency and an urgent public necessity requiring that the Charter rule requiring ordinances to be read on three several days be dispensed with for the purpose of adopting this Ordinance as an emergency measure; and said Charter rule is hereby dispensed with and this Ordinance is accordingly passed as an emergency measure, effective and in force immediately upon and after its passage. PASSED AND APPROVED this 22nd day of February, 1988. \ '-"~" ATTEST: 2411f