Ordinance 3945 - Laserfiche WebLink

heretofore required to be paid into the 1963 Bond Redemption Fund . All money in the Reserve Account above provided for my be kept in cash or invested in direct obligations of the United States having a guaranteed redemption price prior to maturity or maturing not later than ten years from date of issue and in no event maturing later than the last maturity of the Bonds outstanding at the time of such purchase. Interest earned on any such investments and/or any profits realized from the sale thereof shall be deposited in and become a part of the 1963 Bond Redemption Fund. Section 11 . The corporate authorities of the City hereby declare, in fixing the amounts to be paid into the 1963 Bond Redemption Fund and the Reserve Account as aforesaid, that they have exercised due regard to the cost of maintenance and operation of the System and the charges necessary to pay the prin- cipal of and interest on the Prior Lien Bonds, and have not obligated the City to set aside and pay into said Fund and Account a greater amount of the gross earnings and revenue of the System than in their judgment will be available over and above such cost of maintenance and operation and the charges necessary to pay the principal of and interest on such Prior Lien Bonds . Section 12 . In the event it shall become necessary to meet the payments required in this ordinance to be made into the 1963 Bond Redemption Fund and the Reserve Account, the City may transfer moneys into such Fund and Account from any other funds or accounts of the City where the money therein is legally avail- -'-'_ .: ..;, .."i:. N}-:i 1JVSA NTo money deposited in the 1963 Bond Redemption Fund or Reserve Account may be withdrawn for any purposes whatsoever other than for the payment of the principal of, premium if any, and interest on the Bonds . JL