Ordinance 3945 - Laserfiche WebLink

interest to become due and payable on the Bonds outstanding on the next semiannual interest payment date. b. Commencing with the month of April, 1963 and con- tinuing through the month of September, 1963, an amount equal to at least one-sixth of the amount, after said monthly demand or minimum charges have been paid, of the principal of the Bonds to become due and payable on October 1, 1963 . c . Commencing with the month of October, 1963 and continuing for as long as any of the Bonds are outstanding and unpaid, an amount equal to at least one-twelfth of the amount, after said monthly demand or minimum charges have been paid, of the principal of the Bonds to become due and payable on the next principal payment date. Subject to the redemption of the October 1, 1957, April 1, 1960, April 1, 1961, and December 15, 1961 water revenue bonds of the City as hereinbefore provided, the amounts so pledged to be paid out of the Water System Fund into the 1963 Bond Redemption Fund and the Reserve Account 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 cost of maintenance and operation of the System and the charges necessary to pay the principal of and interest on the Prior Lien Bonds outstanding . Section 10 . A Reserve Account (hereinbefore defined as the "Reserve Account') is hereby created in the 1963 Bond Re- demption Fund, and the City agrees that it will set aside and pay into the Reserve Account, out of the money in the Water System Fund and out of any other moneys which it may have on hand and available for such purpose, the sum of $5,000 per month commencing with the month of April, 1963 so that by October 1, 1963 there 14.