Ord 1986-125 - Laserfiche WebLink

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Fund shaH not be invested in securities maturing later than the final maturity of the Bonds and Additional Bonds. Such investments shaH be valued in terms of current market value as of the last day of each year, except that direct obligations of the United States (State and Local Government Series) in book-entry form shall be continuously valued at their par or face principal amount. Such investments shall be sold promptly when necessary to prevent any default in connection with the Bonds or Additional Bonds. (c) Investments made pursuant to subparagraph (b) above shaH comply with all applicable Federal Regulations which regulate to arbitrage and the rebate to the United States of excess arbitrage earnings. Section 17. FUNDS SECURED. Money in all Funds created by this Ordinance, to the extent not invested, shall be secured in the manner prescribed by law for securing funds of the City. Section 18. DEBT SERVICE REQUIREMENTS. (a) Promptly after the delivery of the Bonds the City shaH cause to be deposited to the credit of the Interest and Sinking Fund any accrued interest received from the sale and delivery of the Bonds, and any such deposit shaH be used to pay part of the interest next coming due on the Bonds. (b) The City shaH transfer from the Pledged Revenues and deposit to the credit of the Interest and Sinking Fund the amounts, at the times, as follows: (1) Such amounts, deposited in approximately equal monthly instal1ments on or before the 25th day of each month hereafter, commencing with the month during which the Bonds are delivered, or the month thereafter if delivery is made after the 25th day thereof, 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 come due on the Bonds and any Additional Bonds on the next succeeding interest payment date; (2) Such amounts, deposited in approximately equal monthly instaHments on or before the 25th day of each month hereafter, commencing with the month during which the Bonds are delivered, or the month thereafter if delivery is made after the 25th day thereof, 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 principal scheduled to mature and come due on the Bonds and any Additional Bonds on the next succeeding principal payment date; and (3) Such amounts, deposited in monthly instaHments on or before the 25th day of each month as herein required, as Amortization Installments for any Term Bonds. On the maturity date of any Term Bonds, the City shall apply the monies on hand in the Mandatory Redemption Account for the payment of the principal of maturing Term Bonds. Section 19. RESERVE REQUIREMENTS. Concurrently with the delivery of the Bonds to the purchasers thereof, the City shall deposit to the credit of the Reserve Fund from proceeds of the Bonds the sum of $1,314,832.71. Thereafter, lO37f -19-