Ordinance 3768 - Laserfiche WebLink

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 cost) , and equal in rank to any charges which may later be made on such Sewer Revenue Fund to pay the principal of and interest on any Parity Revenue Bonds outstanding. Section 8 . That there be and is hereby created a Reserve Account (hereinbefore defined as the "Reserve Account") in the Bond Redemption Fund. The city hereby covenants and agrees that it will set aside and pay into the Reserve Account out of the Sewer Revenue Fund, in equal monthly installments commencing not later than Sep- tember, 1961 and continuing until September 1, 1965, the aggregate sum of $170, 000 . The city further covenants and agrees that in the event it issues any Parity Revenue Bonds, it will provide in each ordinance authorizing the issuance of the same that approximately equal monthly payments will be made into the Reserve Account out of the Sewer Reve- nue Fund so that within five years or less from the date of the is- suance of such Parity Revenue Bonds the total amount of such pay- ments, with the money already 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. The city further covenants and agrees that when said re- quired amounts have been deposited in the Reserve Account it will at all times maintain those amounts therein until there is a suffi- cient amount in the Bond Redemption Fund and Reserve Account to pay the principal of, premium if any, and interest on all outstanding bonds payable out of the Bond Redemption Fund, at which time the money in the Reserve Account may be used to pay such principal, premium if any, and interest; provided, however, that moneys in -18-