Ord 2004-074 - Laserfiche WebLink

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I I I (a) The City of San Marcos Waterworks and Sewer System Revenue Fund (the "Revenue Fund"). TIllS Fund shall be kept in the City's official depository bank. (b) The City of San Marcos Waterworks and Sewer System Revenue Bonds Interest and Sinking Fund (the "Interest and Sinkll1g Fund") This Fund shall be kept at an official depository bank of the City. Money deposited in this Fund shall be used to pay prlllclpal of and interest on the Parity Revenue Obligations when and as the same shall become due and payable (c) The City of San Marcos Waterworks and Sewer System Revenue Bonds Reserve Fund, (the "Reserve Fund"). This Fund shall be kept at an official depository bank of the City. Money deposited in this Fund shall be used to pay principal of and/or interest on the Parity Revenue Obligations falling due at any time when there IS not sufficient money available in the Interest and Sinking Fund. The special Funds herein provided shall contll1ue to be maintained at all times while any of the Parity Revenue Obligations remain outstanding. Section 8.02. Revenue Fund. All revenues of every nature received through the operation of the System shall be deposited from day to day as collected into the Revenue Fund, to be kept separate and apart from all other City funds and accounts. Moneys deposited in the Revenue Fund shall be pledged and appropriated to the following uses and in the order of precedence shown: (a) To the payment of all reasonable and proper expenses of operating and maintaining the System as set forth in the definition of "Net Revenues" contained in Section 1.01 hereof. (b) To the payment, without priority, of all amounts required to be deposited in the Interest and Sinking Fund herein established for the payment of the Parity Revenue Obligations. (c) To the payment of all amounts required to be deposited in the Reserve Fund pursuant to this Ordinance or any ordinance relating to the issuance of Parity Revenue Obligations. (d) To any other proper City purpose now or hereafter permitted by law. Section 8.03. Interest and Sinking Fund. (a) The City hereby covenants and agrees to make monthly deposits to the Interest and Sinking Fund from moneys in the Revenue Fund to pay the prll1cipal of and interest on the Bonds as follows: (i) Such amounts, depoSited in substantially equal monthly installments on or before the 10th day of each month following the Closing Date, as will be sufficient, together with other amounts, If any, then on hand in the Interest and Sinking Fund and available for such purpose, to pay the interest scheduled to accrue and become due and payable with respect to the Bonds on the next succeeding Interest Payment Date; (II) Such amounts, deposited in substantially equal monthly installments on or before the 10th day of each month follOWing the ClOSing Date, as will be sufficient, together with other amounts, Ifany, on hand in the Interest and SinkIng Fund and available for such purpose, to pay the prinCipal scheduled to mature and come due on the Bonds on the next succeeding Interest Payment Date on which prinCipal of the Bonds is to be payable. R ,Sail MalClls'WWSSIU 04A,[)oCSI(),dillallccWW Old li"al "pd 24