Ordinance 2298-98 - Laserfiche WebLink

and accounts of the City and the Revenue of the System deposited in such Fund shall be used only for the following purposes and in the following order of priority: First, to pay the Costs of Maintenance and Operation; Second, to pay the principal of and interest on the Previously Refunded Bonds, if any payments should be required, in the order of priority and from the sources provided in the ordinances authorizing the issuance of such Previously Refunded Bonds; Third,to make all payments required to be made into the Debt Service Account to pay the interest on any Parity Bonds; Fourth, to make all payments required to be made into the Debt Service Account to pay the principal of any Parity Bonds; Fifth, to make all payments required to be made into any Sinking Fund Account hereafter created to provide for the payment of the principal of Term Bonds; Sixth, to make all payments required to be made into the 1988 Reserve Account, the 1992 Reserve Account, the 1993 Reserve Account, the 1997 Reserve Account, and into any Reserve Account hereafter created to secure the payment of the principal of and interest on Parity Bonds and to make any payments to one or more Qualified Insurers with respect to draws on any surety bond provided to satisfy the Reserve Requirement for any Parity Bonds; Seventh, to make all payments required to be made into any revenue bond redemption fund, revenue warrant redemption fund, debt service account, reserve account or sinking fund account created to pay and secure the payment of the principal of and interest on any revenue bonds, or revenue warrants or other revenue obligations of the City having a lien upon the Revenue of the System junior and inferior to the lien thereon for the payment of the principal of and interest on the Parity Bonds; Eighth, to retire by redemption or purchase in the open market any outstanding water and sewer revenue bonds or revenue warrants of the City, to make necessary additions, -18- DOTOQS DOC 98/04/28