Ordinance 3816 - Laserfiche WebLink

b. Commencing with the month of April, 1961, and continuing as long as any of the Bonds are outstanding and unpaid, an amount equal to at least one-eighteenth of the amount necessary (after the demand or minimum monthly charges provided for in Section 5 of Ordinance No. 3633 have been paid into the Bond Redemption Fund) to pay the prin- cipal of the Bonds becoming due and payable on October 1, 1962. Thereafter, and commencing with the month of October, 1962, and con- tinuing as long as any of the Bonds are outstanding and unpaid, an amount equal to at least one-twelfth of the amount necessary (after the demand or minimum monthly charges provided for in Section 5 of Ordinance No. 3633 have been paid into the Bond Redemption Fund) to pay the principal of the Bonds becoming due and payable on the next principal payment date. Whenever there is sufficient money in the Bond Redemption Fund and the Reserve Account to pay the principal of and interest on all of the outstanding revenue bonds of the city the principal of and interest on which are payable out of or secured by the money in the Bond Redemption Fund and Reserve Account, then no further payments need be made into the Bond Redemption Fund. Said amounts so pledged to be paid into the Bond Redemption Fund and the Reserve Account are hereby declared to be a prior lien and charge upon the gross revenue of the System, including such de- mand or minimum monthly charges, 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 in- terest on the Outstanding Prior Lien Bonds, and equal in rank to the charges necessary to pay the principal of and interest on the Out- standing Parity Bonds and to any charges which may later be made on such gross revenue to pay the principal of and interest on any Future Parity Bonds. Section 5 . That the Reserve Account was created to hold 7.