739 - Laserfiche WebLink

Home Browse Search

On Page 15 0 as the same become due according to the maturity schedule to be set out in the Resolution of the City Council, heretofore referred to in Section 3 hereof, and to create a reserve for contingencies. (b) There shall be paid from the Sewer Fund into the Sewer Revenue Bond Fund on the first business day of each month until all outstanding Sewer Revenue Bonds, principal and interest, have been paid in full, or provision made for such payment, a sum equal to one-fifth (1/5) of the next installment of interest and one -twelfth (1/12) of the next installment of principal, plus an amount sufficient to provide for the Paying Agent's fees, on all outstanding bonds; provided, however, that when there.has been established and so long as there is maintained in the Sewer Revenue Bond Fund a reserve for contingencies in the amount of $50,000, the monthly payments into the Sewer Revenue Bond Fund may be reduced to a sum equal to one-sixth (1/6) of the next installment of interest and one -twelfth (1/12) of the next installment of principal, plus an amount sufficient to provide for the Paying Agent's fees on all outstanding bonds. (c) If the revenues of the Sewer System are insufficient to make the required payments into the Sewer Revenue Bond Fund on the first business day of any month, then the amount of any deficiency in the payment shall be added to the amount otherwise required to be paid into the Sewer Revenue Bond Fund on the first business day of the next month. (d) If for any reason there shall be a failure at any time to make any of the required payments into the Sewer Revenue Bond Fund, any sums then held in the reserve for contingencies shall be used to the extent necessary for the pay- ment of the principal of and interest on the bonds, and the Paying Agent's fees, but the reserve for contingencies shall be reimbursed from the Sewer Fund before any of the moneys in the Sewer Fund shall be used for any other purpose except