Ordinance 4113 - Laserfiche WebLink

• Section 7 . The Reserve Account is hereby created in the 1965 Bond Redemption Fund for the purpose of securing the payment of the principal of and interest on the Bonds and any Parity Bonds as the same shall become due . <The City hereby covenants and agrees that it will set aside and pay into the Reserve Account , out of the money in the Water System Fund and/or out of any other moneys which it may now or later have on hand and available for such purposes , the amount of $60,000 per year on or prior to December first of the years 1966 to 1968 inclusive , and the amount of $80,000 per year on or prior to December first of the years 1969 to 1972 inclusive ; and further covenants and agrees that at the time each issue of the Prior Lien Bonds is finally paid it will transfer to the Reserve Account the moneys held in the reserve accounts created in the Prior Lien Bond Redemption Funds The City hereby further covenants and agrees , in the event it issues any Parity Bonds (additional or refunding) , that it will require in each ordinance authorizing the issuance of the same that periodic payments be made out of the Water System Fund and any other moneys of the City legally available for such purposes , into the Reserve Account so that by five years from the date of the issuance of such Parity Bonds there will have been paid into the Reserve Account an amount which, with the money already on deposit or pledged to be paid therein , will be at least equal to the maximum amount required in any calendar thereafter year/to pay the principal of and interest on all outstanding bonds then payable out of the 1965 Bond Redemption Fund, including such Parity Bonds . The City hereby further covenants and agrees , when said re- quired amounts have been paid into the Reserve Account , that it will at all times maintain those amounts therein until there is a sufficient 9 .