Res 1996-052 - Laserfiche WebLink

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lf2 "Z The Boods an: special obliga1:ioos of the City payable ftom the Net Revenues of the System., and the Holders thereof sba11 never have the right to demand payment thereof out of any funds raised U' to be nùsed by taxation. - - - Sectiœ 8.01. Fund I)esi=tions. . The City hereby covenants and agrees that all revenues derived 1ÌŒn the ope:ratiœ. of the System sba11 be kept separate ftom other funds of the City. To that end the City hereby creates and establishes of the following special Funds, to-wit (a) The City of San Marcos Waí£:r and Sewer System Revenue Fund (the "Revenue Fund"). This Fund sba11 be kept in the City' g official ðepœitocy bank. (b) The City of San Marcos W ~ and Sewer System Revenue Baods Interest and SiDking Fund (the "IDt.erest and Sinking Fund"). This Fund shall be kept at an official depository bank of the City. Maney deposited in this Fund sba11 be used to pay principal of and interest en the Parity Revenue Obligations .....ten and as the same sba11 become due and payable. (e) The City of San Marcos W~ and Sewer System Revenue Baods Reserve Fund, (the "Reserve Fund"). This Fund shall be kept at an official depositary bank of the City. :Maley ~~ in this Fund sba11 be used to pay ¡rincipal of m:ilor interest en the Parity Revenue Obligations falling due at any time .....ten there is DOt !;nfñc:i..nt mœ.ey available in the Interest and Sinking Fund The special F~ herein provided shall cœtinue to be lTU!;nÍ1'!;ne.rl at all times while any of the Parity Revenue Obligations remain out~mv!;ng --- Section 8.03. Revenue Ftmd. All revenues of every nature received through the operation of the System shall be deposited ìrom day to day as collected into the Revenue Fund, to be kept separate and apart ftom all other City funds and accounts. Moneys deposited in the Revenue Fund shall be pledged and ap¡xupriated to the following uses and in the O£der of ~.e shown: (a) To the payment of all reasonable and proper expenses of opeœ1ing and maintaining the System as set forth in the definition of "Net Revenues" cœtained in Section 1.01 hereof: (b) To the pa}IDO1t, without priority, of all8IDDlU1ts required to be deposited in the Interest and Sinking Fund herein established fix' the payment of the Parity Revenue Obligatioos. (c) To the payment of all 8IDDlU1ts required to be deposited in the Reserve Fund pursuant to this Ortlinance or any orclinaIJœ relating to the issuaIJœ of Parity Revenue Obligatioos. (d) To any other proper City purpose now or be:reafter pennitted by law. Sectiœ 8.04. Interest and Sinmg Fund (a) The City hereby covenants and agrees to make mœthly deposits to the Interest and Sinking Fund fu:m IIJ.CDej'S in the Revenue Fund to pay the ¡xincipal of and interest en the Boods as follows: (i) Such amounts, deposited in StII""bmtiRlly equal mœthly ÌDst"Il",.."t.. on cc before the 10th day of escb. moo.th following the.Ç1osing Date, as will. be snffici.-nt, together with other amoonís, if any, then en band in the Interest and Sinking Fund and available få: such purpose, to pay the interest scheduled to accrue and became due and payable with respect to the Boods on the next: S'v-rPo><'!¡1;1g Interest Payment Date; (ii) Such amounts, deposited in substantially equal moothly installments on or before the 10th day of escb. moo.th following the Closing Date, as will be !;nffici=t, together with other amoonís, if any, on band in the Interest and Sinking Fund and available fix' such purpose, to pay the priDcipal scheduled to mature and CŒDe due œ the Bonds on the next: S'v-œeðing Interest Payment Det.e en which ¡rincipal of the Boods is to be payable. (b) The mœthly deposits to the IDterest and Sinking Fund fix' the payment of ¡rincipal of and interest on the Boods sba11 cœt:inue to be made as he:æinabove provided until such time as (i) the total amoont on deposit in the IDterest and Sinking Fund 18