739 - Laserfiche WebLink

Home Browse Search

CM Page 17 each month while any of the bonds are outstanding, three per cent (3%) of the revenues of the Sewer System which remain after the required payment into the Operation and Maintenance Fund has been made. The moneys in the Sewer Depreciation Fund shall be used solely for the purpose of paying the cost of replacements made necessary by the depreciation of the Sewer System; provided, however, that moneys in the Sewer 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. If in any fiscal year a surplus shall be accumulated in the Sewer Depreciation Fund over and above the amount ne- cessary 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 Sewer Revenue Bond Fund; provided, however, that such payments into the Sewer Revenue Bond Fund shall be in addition to all other payments here- inbefore required to be made into the said Sewer Revenue Bond Fund. Section 10. All amounts on deposit in the Sewer Fund, the Sewer Operation and Maintenance Fund, the Sewer Revenue Bond Fund and the Sewer Depreciation Fund presently being maintained pursuant to the provisions of the Ordinance authorizing the issuance of the bonds being refunded by the bonds of this issue shall be transferred from each such fund to the corresponding fund created hereby. Section 11 . That any surplus in the Sewer Fund, after making the required monthly deposits into the other funds as set forth above, may be used, at the option of the City, (a) For the redemption of the bonds of this issue prior to maturity in the manner and upon the terms set forth herein pertaining to redemption prior to maturity; or (b) For the construction of extensions , betterments and improvements to the Sewer System (including payment of the principal of and interest on bonds issued therefor) .