Ord 1996-032 - Laserfiche WebLink

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1š 8A- P (e) The City of San Marcos Waterwor~ and Sewer System Revenue Bonds Reserve Fund, (the "Reserve Fund"). This Fund shall be kept at an official depository bank: of the City. Money deposited in this Fund shall be used to pay principal of and/or interest on the Parity Revenue Obligations falling due at any time when there is not sufficient money available in the Interest and Sinking Fund. The special Funds herein provided shall continue to be maintained at all times while any of the Parity Revenue Obligations remain outstanding. ' Section 8.02. Initial Deposits. On the Closing Date, the City shall cause the proceeds from the sale of the Bonds to be deposited as follows: (i) first, all accrued interest on the Bonds from the Original Issue Date until the Closing Date and premium, if any, shall be deposited to the credit of the Interest and Sinking Fund; (ii) second, the remaining balance, less any amounts paid at Closing as costs of issuance, shall be deposited to the credit of a construction fund or funds. Section 8.03. Revenue Fund, . All revenues of every nature received through the operation of the System shall be deposited ITom 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 Ordinance 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, o(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. - R.ISA.' 1.{AA'WWU "AIDOCS\OIlD"CJ!.& 26