Ordinance 4113 - Laserfiche WebLink

• amount in the 1965 Bond Redemption Fund and the Reserve Account to pay the principal of, premium if any, and interest on all outstanding bonds payable out of such Fund, at which time part or all of the money in the Reserve Account may be used to pay such principal, premium if any, and interest , or may be transferred to any other reserve account of the City created to secure the payment of outstanding water revenue bonds if payable out of such Fund all of such outstanding bonds/are retired out of other moneys avail- able therefor. It is hereby provided, however, that moneys in the Reserve Account may be withdrawn to pay the principal, premium if any, and interest on all the outstanding bonds of any single issue or series of bonds payable out of the 1965 Bond Redemption Fund so long as the moneys left remaining on deposit in the Reserve Account are at least equal to the maximum amount required in any calendar year thereafter to pay the principal of and interest on all of the remaining outstand- ing bonds payable out of the 1965 Bond Redemption Fund. In the event the Bonds outstanding are ever refunded, the money set aside in the Reserve Account to secure the payment of the Bonds may be used to retire Bonds, or may remain in the Reserve Account , or may be transferred to any other reserve account which may be created to secure the payment of the bonds issued to refund the Bonds out- standing. In the event the money in the 1965 Bond Redemption Fund over and above the amount therein set aside and credited to the Reserve Ac- count is insufficient to meet maturing installments of either interest on or principal of and interest on the outstanding bonds payable out of such Fund, such deficiency shall be made up from the Reserve Account by the withdrawal of money therefrom. Any deficiency created in the Re- serve Account by reason of any such withdrawal shall then be made up from the money in the Water System Fund first available after making 10.