Ordinance 3955 - Laserfiche WebLink

• Bonds could be called for redemption on the first succeeding date upon which they may be so called, plus accrued interest . Section 5 . That by Section 6 of Ordinance No. 3768 there has been created a special fund of the city known as the "Seger Con- struction Fund" as a depositary for all moneys to be used to acquire, construct and install additions and improvements to and extensions of the System. The proceeds of the sale of the Bonds (exclusive of accrued interest, which shall be paid into the Bond Redemption Fund) shall be paid into said Construction Fund and shall be used solely for the purpose of paving the cost of acquiring, constructing and installing the additions and improvements to and extensions of the System for which the same are authorized, including the repayment of advances made from other city funds . Section 6 . That the Bond Redemption Fund was created for the sole purpose of paying the principal of and interest on the Outstanding Parity Bonds , the Bonds and any Parity Revenue Bonds . The city hereby obligates and binds itself to set aside and pay into the Bond Redemption Fund out of the Sewer Revenue Fund the following fixed amounts necessary to pay the principal of and interest on the Bonds as the same respectively become due and payable . Such payments shall be made into the Bond Redemption Fund on or before the twentieth day of each month in the amounts hereinafter specified . (a) Beginning with the month of July, 1963, and con- tinuing 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 July, 1964, and con- tinuing for as long as any of the Bonds are outstanding 8 .