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(hereinafter created); provided, however, that any such transfer into the Bond Fund shall be in addition to all other payments required to be made into said fund. Section 12. Water and Sewer Depreciation Fund. After making the required payments into the Bond Fund and the Operation and Maintenance Fund, there shall be paid by the Treasurer from the Water and Sewer Fund into a fund which is hereby created and designated "Water and Sewer Depreciation Fund" (the "Depreciation Fund"), on the first business day of the month immediately following the month in which the bonds are delivered and continuing on the first business day of each month thereafter while any of the bonds are outstanding, 30 of the gross revenues of the System for the preceding month. The monies in the Depreciation Fund shall be used solely for the purpose of paying the cost of replacements made necessary by the depreciation of the System; provided, however, in the event that no other funds are available therefor the monies in the Depreciation Fund may be used to the extent necessary to prevent a default in the payment of the principal of and interest on the bonds as the same become due and payable. If in any fiscal year a surplus shall be accumulated in the Depreciation Fund over and above the amount necessary to defray the cost of the probable replacements during the then current fiscal year, and the next ensuing fiscal year, such surplus may be transferred and paid into the Bond Fund; provided, however, that such payments into the Bond Fund shall be in addition to all other payments hereinbefore required to be made into the Bond Fund. Section 13. Any surplus in the Water and Sewer Fund after making all distributions required by the provisions of this Ordinance and making full provision for the other funds herein provided may be used, at the option of the City and Utilities Commission, for the redemption of bonds prior to maturity in accordance with the redemption provisions herein