Ordinance 3633 - Laserfiche WebLink

outstanding at the time of purchase. Interest earned on any such investments shall be deposited in and become a part of the Bond Redemption Fund. Section 7. The corporate authorities of the city hereby declare, in fixing the amounts to be paid into the Bond Redemption Fund and the Reserve Account as hereinbefore provided, that they have exercised due regard to the cost of maintenance and operation of the System and the charges necessary to pay the principal of and interest on the Outstanding Prior Lien Revenue Bonds, and have not obligated the city to set aside and pay into said Fund and Account a greater amount of the revenue of the System than in their judgment will be available over such cost of maintenance and operation and the charges necessary to pay the principal of and interest on such outstanding bonds . Section 8. That there be and is hereby created another special fund of the city to be known as the `Water System Capital Improvement Fund" (herein called the "Capital Improvement Fund" ), which Fund is to be drawn upon from time to time to pay the cost of making additions, betterments and improvements to and extensions of and extraordinary replacements to and repairs of the System. The gross revenue of the System not required (a) to pay normal expenses of maintenance and operation of the System, (b ) to be paid into the bond redemption fund and reserve account created to pay and secure the payment of the principal of and interest on the Outstanding Prior Lien Revenue Bonds, (c ) to be paid into the Bond Redemption Fund and Reserve Account as required herein, (d) to be paid into any bond redemption fund or funds and reserve account or accounts which may later be created for the purpose of paying and -9-