Ordinance 3768 - Laserfiche WebLink

Notice of any such intended redemption shall be given by one publication thereof in the official city newspaper not more than forty nor less than thirty days prior to such redemption date and by mailing a like notice at the same time to the main office or principal place of business of the manager of the account that purchases the Bonds at their sale by the city, or to the business successor, if any, of said account manager at its main office or principal place of business . Interest on any Bond or Bonds so called for redemption shall cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such call. The city further reserves the right, whenever it has any surplus money in the Sewer Revenue Fund over and above the amounts necessary to pay current costs of maintaining and operating the System, costs of necessary additions, betterments, improvements and replacements thereof when the same are not to be financed by the issuance of bonds or coupon warrants, all payments required to be made into any bond redemption fund or reserve account out of the revenue of the System, and all payments required for any other proper purposes in connection with the operation of the System, to use such surplus money at any time to purchase any of the Bonds in the open market for retirement only, if the same may be pur- chased at a price not exceeding that at which they could be called for redemption on the first succeeding date on which they may be called, plus accrued interest . Section 6 . That there be and is hereby created a special fund of the city to be known as the "Sewer Construction Fund" into which shall be paid or to which shall be credited the proceeds of the sale of the Bonds (exclusive of accrued interest, which shall be paid into the Bond Redemption Fund) and the $250, 000 Government grant . The moneys in said Fund shall be used solely for the purpose -16-