Ordinance 4113 - Laserfiche WebLink

necessary provision for the payments required to be made into the 1965 Bond Redemption Fund to pay the principal of and interest on all out- standing bonds payable out of such Fund and next coming due . All money in the Reserve Account above provided for may be kept in cash or invested in direct obligations of the United States having a guaranteed redemption price or maturing not later than ten years from date of purchase and in no event maturing later than the last maturity of any outstanding bonds that are payable out of the 1965 Bond Redemption Fund. Interest earned on or any profits made from the sale of any such investments shall be deposited in and become a part cf the 1965 Bond Redemption Fund. Section 8. The corporate authorities of the City hereby declare , in fixing the amounts to be paid into the 1965 Bond Redemption Fund and Reserve Account as hereinbefore provided, that they have ex- ercised due regard to the normal costs of maintenance and operation of the System and the amount of the revenue of the System previously pledged for the payment of the principal of and interest on the Prior Lien Bonds and for the payment of the P. U. D. No. 1 Payments , and have not obligated the City to set aside and pay into said Fund and Account a greater amount of the revenue of the System than in their judgment will be available over and above such costs of maintenance and opera- tion and the charges necessary to pay such principal and interest and make such payments . Section 9 . In the event it shall become necessary to meet the payments required in this ordinance to be made into the 1965 Bond Re- demption Fund and the Reserve Account , the City may transfer moneys into such Fund and Account from any other funds or accounts of the City where the money therein is legally available for such purposes . No money deposited in the 1965 Bond Redemption Fund or Reserve Account may be withdrawn for any purposes whatsoever other than for the paymen'. 11 .