Ordinance 3633 - Laserfiche WebLink

securing the payment of the principal of and interest on any revenue bonds of the city which it may later issue having a lien upon the gross revenue of the System for the payment of such principal and interest junior and inferior to that of the Bonds and any Parity Revenue Bonds, shall be accumulated as a reserve in the Capital Improvement Fund until the sum of $120,000 shall have been ac- cumulated therein. None of the Outstanding Prior Lien Revenue Bonds, the Bonds, or any Parity Revenue Bonds shall be redeemed and retired in advance of their fixed maturities until such sum of $120,000 has been accumulated in this Capital Improvement Fund. The money in the Capital Improvement Fund may be drawn upon from time to time to pay the cost of making such additions, better- ments and improvements to, extensions of and extraordinary replace- placements to and repairs of the System, and when so drawn upon shall be replaced from the gross revenue of the System next available for this purpose, but never in an amount to exceed such $120,000. Section 9. In the event it shall become necessary in order to meet the payments required herein to be made into the Bond Re- demption Fund and the Reserve Account, the city may transfer moneys into such Fund and Account from any other Funds of the city pertain- ing to the System except from any bond redemption funds or reserve accounts heretofore or hereafter created for the purpose of paying and securing the payment of the principal of and interest on any revenue bonds of the city for the payment of the principal of and interest on which the gross revenue of the System has been or will be pledged. No moneys deposited in the Bond Redemption Fund or Reserve Account may be withdrawn for any purposes other than the payment of the principal of, premium if any, and interest on the Bonds and any Parity Revenue Bonds . -10-