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(h) The bonds shall be specifically secured by a pledge of all the revenues required to be placed into the Bond Fund. This pledge in favor of the bonds is hereby irrevocably made according to the terms of this Ordinance, and the City, the Utilities Commission and their officers and employees shall execute, perform and carry out the terms hereof in strict conformity with the provisions of this Ordinance. Section 11. Water and Sewer Operation and Maintenance Fund. After making the monthly deposit in the Water and Sewer Refunding Bond Fund, there shall be paid from the Water and Sewer Fund into a fund which is hereby created and designated "Water and Sewer Operation and Maintenance Fund" (the "Operation and . Maintenance Fund"), on the first business day of each month an amount sufficient to pay the reasonable and necessary monthly expenses of operation, repair and maintenance of the System for such month and from which disbursements shall be made only for those purposes. Fixed annual charges such as insurance premiums and the cost of major repair and maintenance expenses may be computed and set up on 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 said fund, the amount of any deficiency shall be added to the amount otherwise required to be transferred and paid into said fund in 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, repair 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 and deposited in the Bond Fund (hereinafter created) or in the Depreciation Fund