Ord 1986-125 - Laserfiche WebLink

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the Reserve Fund shall be maintained in an amount equal to the average annual principal and interest requirements (including Amortization Installments) of all outstanding bonds, and Additional Bonds (the "Required Amount") calcu]ated from the date of delivery of the Bonds or Additional Bonds on the basis of the City's fiscal year. When and if the Reserve Fund contains less than the Required Amount due to the issuance of Additional Bonds, beginning on the 25th of the month following de1ivery of the Additional Bonds to the purchasers thereof, and continuing for 60 months, the City shall transfer from the Pledged Revenues and deposit to the credit of the Reserve Fund an amount equal to 1/60 of the difference determined as of the date of such de1ivery between the amount in the Reserve Fund and the Required Amount. When and so long as the money and investments in the Reserve Fund are not less than the Required Amount, no deposits need be made to the credit of the Reserve Fund. When and if the Reserve Fund at any time contains less than the Required Amount due to any cause or condition other than the issuance of Additional Bonds, then, subject and subordinate to making the required deposits to the credit of the Interest and Sinking Fund, such deficiency shall be made up as soon as possible from the next available Pledged Revenues, or from any other sources lawfully available for such purpose. The City may, at its option, withdraw and use for any lawful purpose, all surplus in the Reserve Fund over the Required Amount. Section 20. DEFICIENCIES; EXCESS PLEDGED REVENUES. (a) If on any occasion there shall not be sufficient Pledged Revenues to make the required deposits into the Interest and Sinking Fund and the Reserve Fund, then such deficiency shall be made up as soon as possible from the next available Pledged Revenues, or from any other sources lawfully available for such purpose. (b) Subject to making the required deposits to the credit of the Interest and Sinking Fund and the Reserve Fund when and as required by this Ordinance, or any ordinance authorizing the issuance of Additional Bonds, the excess Pledged Revenues may be used by the City for any lawful purpose not inconsistent with the City's Charter. Section 21. PAYMENT OF BONDS AND ADDITIONAL BONDS. On or before April 25, 1987, and semiannually on or before each October 25 and April 25 thereafter while any of the Bonds or Additional Bonds are outstanding and unpaid, the City shall make available to the Paying Agent/Registrar therefor, out of the Interest and Sinking Fund, and the Reserve Fund, if necessary, money sufficient to pay such interest on and such principal of the Bonds and Additional Bonds as shall become due on such dates, respectively, at maturity or by redemption prior to maturity. Section 22. FINAL DEPOSITS; DIRECT OBLIGATIONS OF THE UNITED STATES OF AMERICA. (a) Any Bond or Additional Bond shall be deemed to be paid, retired and no longer outstanding within the meaning of this Ordinance when payment of the principal of, redemption premium, if any, on such Bond or Additional Bond, plus interest thereon to the due date thereof (whether such due date be by reason of maturity, upon redemption, or otherwise) either (i) shall have been made or caused to be made in accordance with the terms thereof (including the giving of any required notice of redemption), or (iî)shall have been provided for by irrevocably 1O37f -20-