Laserfiche WebLink
this ordUance and secured hereby and the interest thereon, and to <br />provide an adequate depre c is tion fund, in the manner here3 ina f ter <br />got out. <br />SECTION 7. Sewer Mrstion and Maintenance Fund. There shall <br />be paid frm they Sever Fund into a fund which is hereby cued and <br />designated "Sewer Operation and Maintenance Fund" (hereinafter some- <br />times called " Opera tion Fund'') s on the first day of each month while <br />any of the bonds issued under and secured by this ordinance shall be <br />outstandings sufficient may to pay all the monthly operating expenses <br />and to make reasonable provision for the repair and maintenance of the <br />System. Fixed annual charges, such as insurance and the east of major <br />repair and maintenance expenses shall be computed and set up on an <br />annual basis and one -twelfth of the amoun-� thereof shall be accumulated <br />in said operation Fund each owth. Disbursements from ;said Fund shall <br />include salaries, wi►gees cost of maintenances repair and operation: <br />materials and supplies, pumping casts, .and Insurance, <br />If any surplus shall be accumulated in the Operation Fend over <br />and above the ,amount which shall be necessary to defray the cost of <br />maintaining, repairing, and operating the ,System during the reminder <br />of the thorn current fiscal year and the next ensuing fiscal year, <br />such surplus or excuse May be transferred and paid Joto the Sewer <br />Depreciation Fund or into the Sever Revenue Bond Fund, provided, <br />however, that such transfer or payzent into the Sewer Revenue Bond <br />Fund shall be In addition to an other payments hereinafter required <br />to be made into said fund. <br />SECTION 8. Sewer Revenues Bonda) The reminder of the <br />revenues of the Sywtem, including all revenues from any and all .future <br />extensions and lmprovments to the Systems after making the required <br />payments into said operation Fund, is hereby declared to be the not <br />revenues of said System, There is herby created, and so long as any <br />of the bonds hereby authorized are outstanding there shall be rmain- <br />tained, a special fund to be known as the 'f Sewer Revenue Bond Fund" <br />(sometimes hereinafter referred to as the `eainking fund")v into which <br />there shall be net aside monthly from said net revenues such portion <br />thereof as will be sufficient to pay the interest on said bonds as the <br />