Ord 2003-068 - Laserfiche WebLink

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Section 8.03. Revenue Fund. All revenues of every nature received through the operation of the System shall be deposited fi'om 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 8.04. 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 principal 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, if any, 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. (b) The monthly deposits to the Interest and Sinking Fund for the p..ayment of principal of and interest on the Bonds shall continue to be made as hereinabove provided until such time as (i) the total amount on deposit in the Interest and Sinking Fund and Reserve Fund is equal to the amount required to pay all outstanding obligations (principal and/or interest) for which said Fund Was created and established to pay or (ii) the Bonds are no longer outstanding, i.e., fully paid as to principal and interest or all of the Bonds have been refunded. (c) Any proceeds of the Bonds not required to complete the improvements and extensions to the System or required to be deposited otherwise by this Ordinance, shall be deposited to the Interest and Sinking Fund. Proceeds of the Bonds so deposited, accrued interest and any other amount or amounts received from the Purchaser of the Bonds and required by this Ordinance to be deposited to the Interest and Sinking Fund, may be taken into consideration and reduce the amount of the monthly deposits hereinabove provided which would otherwise be required to be deposited in the Interest and Sinking Fund from the Net Revenues of the System. R:\San Marcos\WWSS.03\Docs\Ordinance\WS Ord Final.wpd 22