Ord 1983-078 - Laserfiche WebLink

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and every undertaking, covenant and condition on its part to be kept, observed and performed, contained in this Ordinance and in the ordinances authorizing the Outstanding Bonds and any Additional Bonds, and that it will prior to the maturity of each installment of interest and prior to the maturity of each Outstanding Bond Certificate, Addi tional Bond issued thereunder, make available at the pr incipal office of the Paying Agent/Registrar, but only from the Water and Sewer System Junior Lien Bond Fund, sufficient funds to promptly pay such principal and interest. (d) If and when the City from time to time shall issue Additional Bonds, the ordinance authorizing same shall provide: ( i) for payments of principal thereof on January 1 of the appropriate year or years and for payments of interest thereon on January 1 and July 1, (ii) for an identical FLOW OF FUNDS as prescribed by this Ordinance, (iii) that all revenues deposited in the special funds and accounts as created and established by this Ordinance shall be comingled, and (iv) for appropriate additional or larger payments to be made into said special funds and accounts so that the security of the Outstanding Bonds, Certificates and any Additional Bonds will not be impaired. (e) It will from time to time promptly pay and discharge all taxes, assessments, and other governmental charges, the lien of which would be prior to the lien hereof, lawfully imposed upon the System or any part thereof or upon the income and proceeds thereof, so that the lien of the Outstanding Bonds, Certificates or Additional Bonds, when issued, shall at all times be wholly preserved at the cost of the City and without expense to the holders thereof; provided, however, that nothing in this Section contained shall require the City to pay or discharge any such tax, assessment or governmental charge so long as the validity thereof be by it in good faith contested. Section 26. CONSTRUCTION ACCOUNT. The City shall establish in a depository bank a separate account or accounts (herein collectively called the "Construction Account") into which shall be deposited the proceeds from the sale of the Certificates (except accrued interest thereon) and the additional funds, if any, required to assure the payment of all project costs. Moneys in the Construction Account shall be expended only for the purposes for which the Certificates have been issued, until such purposes have been accomplished. Money in the Construction Account shall be secured by the depository bank in the manner prescribed by statutes relating to the securing of public funds. Where the moneys on deposit in the Construction Account exceed the estimated disbursements on account of the Project for the next 90 days, the City may direct the Depository Bank to invest said excess funds in direct obligations of, or obligations the principal of and interest on which are guaranteed by, the United States Government, which shall mature not later than the date on which such moneys are required for project costs. The earnings from any such investments shall be deposited in the Construction Account by the City. All moneys remaining in the Construction Account after all costs of the project have been paid shall be promptly used to the extent possible for the redemption of Certificates, and any residue shall be deposited in the account established for the payment of the principal and interest of the Certificates. Section 27. SURETY. The City covenants that each of its officials or employees having cus tody of funds of the System during acquisition, construction, development, and operation of the System, shall be bonded at all times in an amount at least equal to the total funds in his custody at anyone time. Section 28. ADDITIONAL DEFINITIONS. In addition to the terms defined in Section 11 of this Ordinance, the terms hereinafter set -16-