Ordinance 3955 - Laserfiche WebLink

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 Bond Redemption Fund and the amounts hereinafter pledged to be paid into the Reserve Account out of the Sewer Revenue Fund are hereby declared to be a prior lien and charge upon the money in the Sewer Revenue Fund superior to all other charges of any kind or nature (including any transfer of money to other funds of the city and taxes or payments in lieu of taxes payable to the city) except the normal expenses of maintenance and operation of the System (which expenses may include pro rata budget charges for city departments where such charges represent a reasonable distribution and share of actual costs) and equal in rank to the charges made on such Fund to pay the principal of and interest on the Outstanding Parity Bonds and to any charges which may be made later on such Fund to pay the principal of and interest on any Parity Revenue Bonds outstanding. Section 7 . That the Reserve Account was created for the purpose of holding moneys to secure the payment of the principal of and interest on all revenue bonds of the city payable out of the Bond Redemption Fund . The city hereby obligates and binds itself to set aside and pay into the Reserve Account out of the Sewer Revenue Fund on or before the twentieth day of each month commencing with the month of July, 1963, approximately equal amounts so that by July 1, 1968, the total amount of such payments, with the money already on deposit in the Reserve Account, will be at least equal to the maximum amount required in any calendar year thereafter to pay the principal of and interest on all outstanding bonds payable out of the Bond Redemption Fund . 9.