Ordinance 3633 - Laserfiche WebLink

The city hereby further obligates and binds itself to set aside and pay into the Bond Redemption Fund out of the gross revenue of the System the additional following fixed amounts necessary to pay the principal of and interest on the Bonds as the same respectively become due and payable, which amounts shall be paid directly into the Bond Redemption Fund on or before the twentieth day of each month: (a) Commencing with the month of October, 1957, and con- tinuing as long as any of the Bonds are outstanding and unpaid, an amount equal to at least one-sixth of the amount, after said demand or minimum monthly charges have been paid into the Bond Redemption Fund, of the interest to become due and payable on the next interest payment date on all of the Bonds then outstanding. (b ) Commencing with the month of October, 1958, 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, after said demand or minimum monthly charges have been paid into the Bond Redemption Fund, of the principal of the Bonds to become due and payable on the next principal payment date . Whenever there is sufficient money in the Bond Redemption Fund and the Reserve Account therein hereinafter created to pay the principal of and interest on all the Bonds and any such Parity Revenue Bonds outstanding, 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 therein are hereby declared to be a prior lien and charge upon the gross revenue of the System, including the demand or minimum monthly charges hereinbefore described in this section, superior to all other charges of any kind or nature except the normal cost of maintenance and operation of the System and the -6