1991-11-01 - Laserfiche WebLink

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computed and set upon an annual basis, and one-twelfth (1/12) of the amount thereof may be paid into the Operation and Maintenance Fund each month. If in any month for any reason there shall be a failure to transfer and pay the required amount into the Operation and Maintenance Fund, the amount of the deficiency shall be added to the amount otherwise required to be transferred and paid into the fund the next succeeding month. If in any fiscal year a surplus shall be accumulated in the Operation and Maintenance Fund over and above the amount which shall be necessary to defray the reasonable and necessary costs of operation and maintenance of the System during the remainder of the then current fiscal year and the next ensuing fiscal year, such surplus may be transferred into the Bond Fund or into the Depreciation Fund, to the extent of any deficit therein, and, in the absence of any such deficit, to the Revenue Fund. Section 11. (a) (i) After making the required payment into the Operation and Maintenance Fund there shall be transferred and paid from the Water and Sewer Revenue Fund into a special trust fund, hereby created and designated "Water and Sewer Revenue Bond Fund" (the "Bond Fund") , in the Trustee, the sums sufficient, with Sales Tax Revenues, to comply with the requirements set forth in subsection (b) below. (ii) There shall be paid into the Bond Fund, as received, all Sales Tax Revenues. (b) There shall be paid into the Bond Fund until all outstanding Bonds, with interest thereon, have been paid in full or provision made for such payment, on the first business day of each month, a sum at least equal to 1/6 of the next installment of interest and a sum equal to 1/12 of the installment of principal due during the then next twelve months (either at maturity or in accordance with any mandatory redemption provisions) of the Bonds (provided that the monthly amount with respect to interest payable prior to the first interest payment date shall be an amount equal to such payment divided by the number of full months between the date of issuance and such interest payment date) plus an amount sufficient to provide for Trustee's and Paying Agent's fees on all outstanding Bonds. If Additional Bonds are issued pursuant to the provisions hereof, payments into the Bond Fund shall be increased to provide for monthly amortization of such Additional Bonds. (c) There is hereby established and shall be maintained within the Bond Fund a "Debt Service Reserve, " initially funded with Bond proceeds and existing funds in an amount equal to the Required Level (defined below) . If Additional Bonds are issued on a parity with the Series 1991 Bonds, the Debt Service Reserve must be increased upon the issuance of such Additional Bonds, so that • the amount thereof is equal to the Required Level. The Debt Service Reserve shall be established and maintained at an amount equal to the least of (1) 10% of the proceeds of all Bonds wU.y%.�Loa2 -16-