Ord 1997-031 - Laserfiche WebLink

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I I (a) To the payment of aU reasonable and proper expenses of operatlllg and mallltammg the System as set forth m the deflI1ltlOn of "Net Revenues" contamed in SectlOn I 0 I hereof. (b) To the payment, wlthout prionty, of all amounls reqUIred to be deposIted m the Interest and Smkmg Fund herem establIshed for the payment of the Panty Revenue ObhgatIons (c) To the payment of all amounts reqmred to be deposited III the Reserve Fund pursuant to thIS Ordmance or any ordlllance reIatlllg to the lssuance of Panly Revenue ObhgatlOns (d) To any other proper CIty purpose now or hereafter permltted by law SectlOn 8 04. Interest and Smklllg Fund. (a) The Cily hereby covenants and agrees to make monthly deposlts to the Interest and Smklllg Fund from moneys m the Revenue Fund to pay the prmclpal of and mterest on the Bonds as follows (i) Such amounts, deposlted m substantially equal monthly mstallments on or before the 10th day of each month followmg the Closmg Date, as will be sufficlent, together WIth other amounts, lf any, then on hand m the Interest and Smkmg Fund and available for such purpose, to pay the mterest scheduled to accrue and become due and payable WIth respect to the Bonds on the next succeedmg Interest Payment Date, (ii) Such amounts, deposlted m substantlally equal monthly lllstallments on or before the 10th day of each month followmg the ClOSlllg Date, as will be sufficlent, together wlth other amounts, lf any, on hand in the Interest and Smkmg Fund and available for such purpose, to pay the pnncipal scheduled to mature and come due on the Bonds on the next succeedmg Interest Payment Date on whlch pnnclpal of the Bonds IS to be payable (b) The monthly deposlts to the Interest and Smkmg Fund for the payment of pnnclpaI of and mterest on the Bonds shall contlllue to be made as herelllabove provlded until such time as (i) the total amount on deposit m the Interest and Smkmg Fund and Reserve Fund is equal to the amount reqUIred to pay all outstandmg obl1gatIons (prmclpal ancVor mterest) for which Said Fund was created and establIshed to payor (il) the Bonds are no longer outstandmg, I.e., fully paid as to pnncipal and lllterest or all of the Bonds have been refunded. (c) Any proceeds of the Bonds not reqUIred to complete the Improvements and extenSlOns to the System or reqUlred to be deposlted otherwlse by thlS Ordlllance, shall be deposlted to the Interest and Smkmg Fund. Proceeds of the Bonds so deposIted, accrued llllerest and any other amount or amounts receIved from the Purchaser of the Bonds and reqUlfed by tlus Ordmance to be deposIted to the Interest and Smklllg Fund, may be taken mto consIderatlOn and reduce the amount of the monthly deposlts herelllabove provlded whIch would otherwIse be reqmred to be deposlted m the Interest and Smklllg Fund from the Net Revenues of the System. SectlOn 8 05 Reserve Fund. (a) The City hereby covenants and agrees Wlth the holders of the Bonds that lt w1l1 provlde for the accumulatlOn of, and when accumulated, will thereafter contmuously mallltam III the Reserve Fund an amount equal to not less than the average annual pnnclpal and mterest reqUlrements of the Parity Revenue ObhgatlOns (calculated on a fiscal year basls as of the date the last senes of Parity Revenue Obhgations were authonzed) R:\SA..'"MAR\'NWSS.S17\DOC5\ORDNCE. 22