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{OlAl Section 8.03. Revenue Fund. All revenues of every nature received through the operation of the System shall be deposited from 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 installmen~ 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 payment 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 payor (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 and accrued interest and premium, if any, received from the Purchaser of the Bonds may be taken into consideration and ~uce 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. Section 8.05. Reserve Fund. (a) The City hereby covenants and agrees with the holders of the Bonds that it will provide for the accumulation of, and when accumulated, will thereafter continuously maintain in the Reserve Fund an amount equal to not less than the average annual principal and interest requirements of the Parity Revenue Obligations (calculated on a fiscal year basis as of the date the last series of Parity Revenue Obligations were authorized). Immediately following the delivery of the Bonds, the appropriate City officials shall calculate and determine the average annual principal and interest requirements for the Parity Revenue Obligations then outstanding. After deducting the amount then on deposit in the Reserve Fund from such calculation, the amount of the difference, if any, shall be deposited in the Reserve Fund in sixty (60) substantially equal monthly payments on or before the 10th day of each month; the initial monthly deposit to be made on or before the 10th day of the month next following the month the Bonds are delivered. After the total amount required to be on deposit in the Reserve Fund has been accumulated, monthly payments to said Fund may be terminated; provided, however, should the amount on deposit therein be ~uced below the sum required to be maintained in said Fund after the same has been accumulated, payments to said Fund in an amount equal to the deficiency shall be resumed and continued to be made on or before the 10th day of each month until the total amount then required to be on deposit in the Reserve Fund has been fully restored. In the event money in the Reserve Fund is used for an authorized purpose while monthly payments are being made