Res 1995-121 - Laserfiche WebLink

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I OZftX The terms "City Council," "City" and "Refunded Bonds" shall have the meaning assigned in the preamble to this Ordinance. *** Section 2.01. Pled2e of Revenues for PaYment of the Bonds. The Net Revenues of the System (with the exception of those in excess of the amounts required to establish and maintain the Funds as hereinafter provided) are hereby irrevocably pledged for the payment of the principal of and interest on the Parity Revenue Obligations, including the establishment and maintenance of the Reserve Fund hereina~r provided. -~~~ Section 2.02. Special Obli2ations. i ! I The Bonds are special obligations of the City payable from the Net Revenues of the System, and the Holders thereof shall never have the right to demand payment thereof out of any funds raised or to be raised by taxation. *** Section 8.01. Fund Desilmations. The City hereby covenants and agrees that all revenues derived from the operation of the System shall be kept separate from 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 Water and Sewer System Revenue Fund (the "Revenue Fund"). This Fund shall be kept in the City's official depository bank. (b) The City of San Marcos Waterworks and Sewer System Revenue Bonds Interest and Sinking Fund (the "Interest and Sinking 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 interest on the Parity Revenue Obligations when and as the same shall become due and payable. (e) The City of San Marcos New Series Waterworks 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 hercÏn 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) All amounts received on the Closing Date as accrued interest on the Bonds from the Original Issue: Date until the Closing Date, plus an additional amount of $ , received in connection with the sale: of the Bonds shall be deposited to the credit of the Interest and Sinking Fund; (ü) The: sum of S shall be: deposited to the: Escrow Fund, which sum shall be applied a.s provided in the: Escrow Agr=ment. (ili) The sum ofS shall be deposited as directed by the Mayor of the City and used to pay costs and expenses pertaining to the issuance of the Bonds. To the extent that any of such sum is not used for such purpose, such excess shall be deposited to the Interest and Sinking Fund. (iv) The sum of S shall be deposited to a construction fund or funds to be used for the purposes for which such principal amount was authorized at the election described in the preamble of this Ordinance. (v) To the: extent necessary to accomplish fully the purposes of this Order, the Mayor of the: City is authorized to reallocate the funds directed to be used for the purposes specified above.