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Section 8.02. Initial Deposits; Construction Fund. <br />On the Closing Date, the City shall cause the proceeds from the sale of the Bonds to be <br />deposited as follows: <br />(i) first, all accrued interest on the Bonds from the Original Issue Date until the <br />Closing Date and premium, if any, shall be deposited to the credit ofthe Interest and Sinking <br />Fund; <br />(ii) second, the remaining balance, less any amounts paid at Closing as costs of <br />issuance, shall be deposited to the credit of a construction fund or funds. <br />Section 8.03. Revenue Fund. <br />All revenues of every nature received through the operation of the System shall be deposited <br />from day to day as collected into the Revenue Fund, to be kept separate and apart from all other City <br />funds and accounts. Moneys deposited in the Revenue Fund shall be pledged and appropriated to the <br />following uses and in the order of precedence shown: <br />(a) To the payment of all reasonable and proper expenses of operating and maintaining <br />the System as set forth in the definition of "Net Revenues" contained in Section 1.01 hereof. <br />(b) To the payment, without priority, of all amounts required to be deposited in the <br />Interest and Sinking Fund herein established for the payment of the Parity Revenue Obligations. <br />(c) To the payment of all amounts required to be deposited in the Reserve Fund pursuant <br />to this Ordinance or any ordinance relating to the issuance of Parity Revenue Obligations. <br />(d) To any other proper City purpose now or hereafter permitted by law. <br />Section 8.04. Interest and Sinking. <br />(a) The City hereby covenants and agrees to make monthly deposits to the Interest and <br />Sinking Fund from moneys in the Revenue Fund to pay the principal of and interest on the Bonds as <br />follows: <br />(i) Such amounts, deposited in substantially equal monthly installments on or <br />before the 10th day of each month following the Closing Date, as will be sufficient, together <br />with other amounts, if any, then on hand in the Interest and Sinking Fund and available for <br />such purpose, to pay the interest scheduled to accrue and become due and payable with <br />respect to the Bonds on the next succeeding Interest Payment Date; <br />SANMARCOS/W W W SRev2008: Ordinance 27 <br />