Laserfiche WebLink
<br />J 3.4: F <br /> <br />The special Funds herein provided shall continue to be maintained at all times while any of <br />the Parity Revenue Obligations remain outstanding. <br /> <br />Section 8.02. Initial Deposits. <br /> <br />On the Closing Date, the City shall cause the proceeds from the sale of the Bonds to be <br />deposited as follows: <br /> <br />(i) All amounts received on the Closing Date as accrued interest on the Bonds <br />from the Original Issue Date until the Closing Date, plus an additional amount of $2,856.05, <br />received in connection with the sale of the Bonds shall be deposited to the credit of the <br />Interest and Sinking Fund; <br /> <br />(ii) The sum of$7, 103,150.25 shall be deposited to the Escrow Fund, which sum <br />shall be applied as provided in the Escrow Agreement. <br /> <br />(iii) The sum of$142,000.00 shall be deposited as directed by the Mayor of the <br />City and used to pay costs and expenses pertaining to the issuance of the Bonds. To the <br />extent that any of such sum is not used for such purpose, such excess shall be deposited to <br />the Interest and Sinking Fund. <br /> <br />(iv) The sum of $1,000,000 shall be deposited to a construction fund or funds <br />to be used for the purposes for which such principal amount was authorized at the election <br />described in the preamble of this Ordinance. <br /> <br />(v) To the extent necessary to accomplish fully the purposes of this Ordinance, <br />the Mayor of the City is authorized to reallocate the funds directed to be used for the <br />purposes specified above. <br /> <br />Section 8.03. Revenue Fund. <br /> <br />All revenues of every nature received through th'e 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 Ordinance of precedence shown: <br /> <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 /> <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 /> <br />R:'SA......."MAR\WWSSlU9S'OOCS\ORDSCX,02.;_l l:F <br /> <br />27 <br />