Ordinance 4113 - Laserfiche WebLink

payable . Said payments shall be made on or before the twentieth day of each month in the following amounts : a. Beginning with the month of December, 1965 and continuing for as long as any of the Bonds are outstanding and unpaid, an amount equal to at least one-sixth of the interest to become due and payable on the next interest payment date on all of the Bonds then outstanding. b . Beginning with the month of December, 1981 and continuing for as long as any of the Bonds are outstanding and unpaid, an amount equal to at least one-twelfth of the principal of the Bonds to become due and payable on the next principal payment date . Said amounts so pledged to be paid into the 1965 Bond Re- demption Fund and the amounts hereinafter pledged to be paid into the Reserve Account, out of the Water System Fund, are hereby declared to be a prior lien and charge upon the money in the Water System Fund superior to all other charges of any kind or nature except the normal costs of maintenance and operation of the System, the charges necessary to pay the principal of and interest on the Prior Lien Bonds , and the P. U. D. No. 1 Payments , and equal in rank to any charges which may be made later on the money in such Fund to pay and secure the payment of the principal of and interest on any Parity Bonds . In the event that money and/or direct obligations of the United States maturing at such time or times and bearing interest to be earned thereon in amounts (together with such money if necessary) sufficient to redeem and retire the Bonds in accordance with their terms are set aside in the 1965 Bond Redemption Fund to effect such redemption and retirement and such money and the principal of and interest on such obligations are irrevocably set aside and pledged for such purpose , then no further payments need be made into the 1965 Bond Redemption Fund for the payment of the principal of and interest on the Bonds , and the Bonds and the appurtenant coupons shall cease to be entitled 7 .