Ord 1993-038 - Laserfiche WebLink

Home Browse Search

- ))OPtJ the Required Amount due to the issuance of the Bonds or Additional Parity Bonds, beginning on the 25th of the month following delivery of the Additional Parity Bonds to the purchasers thereof, and continuing for 60 months, the City shall transfer from the Pledged Revenues and deposit to the credit of the Reserve Fund an amount equal to 1/60 of the difference determined as of the date of such delivery between the amount in the Reserve Fund and the Required Amount. When and so long as the money and investments in the Reserve Fund are not less than the Required Amount, no deposits need be made to the credit of the Reserve Fund. When and if the Reserve Fund at any time contains less than the Required Amount due to any cause or condition other than the issuance of Additional Parity Bonds, then, subject and subordinate to making the required deposits to the credit of the Interest and Sinking Fund, such deficiency shal1 be made up as soon as possible from the next available Pledged Revenues, or from any other sources lawfully available for such purpose. The City may, at its option, withdraw and use for any lawful purpose, all surplus in the Reserve Fund over the Required Amount. Section 9.08. Deficiencies; Excess Pledqed Revenues. (a) If on any occasion there shall not be sufficient Pledged Revenues to make the required deposits intô the Interest and Sinking Fund and the Reserve Fund, then such deficiency shall be made up as soon as possible from the next available Pledged Revenues, or from any other sources lawful1y available for such purpose. (b) Subject to making the required deposits to the credit of the Interest and Sinking Fund and the Reserve Fund when and as required by the ordinance authorizing the Previously Issued Parity Bonds, this Ordinance, or any ordinance authorizing the issuance of Additional Parity Bonds, the excess Pledged Revenues may be used by the City for any lawful purpose not inconsistent with the City's Charter. Section 9.09. Payment of Bonds and Additional Parity Bonds. Semiannually on or before each October 25 and April 25 hereafter while any of the Bonds or Additional Parity Bonds are outstanding and unpaid, the City shall make available to the Paying Agent/Registrar therefor, out of the Interest and Sinking Fund, and the Reserve Fund, if necessary, money sufficient to pay such interest on and such principal of the Bonds. and Additional Parity Bonds as shall become due on such dates, respectively, at maturity or by redemption prior to maturity. 4588f -32-