Laserfiche WebLink
payable by the Qualified Insurer under such surety bond shall be credited against the amounts <br /> otherwise required to be accumulated and maintained in the Reserve Account. <br /> The City further covenants and agrees that when the required deposits have been made <br /> into the Reserve Account, it will at all times maintain therein an amount at least equal to the <br /> Common Reserve Requirement, as predetermined in each calendar year. Whenever there is a <br /> sufficient amount in the Revenue Bond Fund, including all accounts therein, to pay the principal <br /> of, premium, if any, and interest on all outstanding Parity Bonds, the money in the Reserve <br /> Account may be used to pay the principal of, premium, if any, and interest on the Parity Bonds <br /> secured thereby. Money in the Reserve Account may also be withdrawn to redeem and retire, <br /> and to pay the premium, if any, and interest due to such date of redemption, on the outstanding <br /> Parity Bonds, as long as the money remaining on deposit in the Reserve Account is at least equal <br /> to the Common Reserve Requirement determined with respect to the Parity Bonds then <br /> outstanding. <br /> In the event there shall be a deficiency in the Debt Service Account to meet maturing <br /> installments of either interest on or principal of and interest on any Parity Bonds, or a deficiency <br /> in any Sinking Fund Account to meet the required schedule of payments for amortization of <br /> Term Bonds of any issue of Parity Bonds, such deficiency shall be made up from the Reserve <br /> Account by the withdrawal of money therefrom. Any deficiency created in the Reserve Account <br /> by reason of any such withdrawal shall then be made up out of Revenue of the System or <br /> Assessments after making necessary provision for the payments required to be made by <br /> subparagraphs First through Fifth, inclusive, of Section 9 of this ordinance. <br /> D. Priority of Lien of Payments into Revenue Bond Fund. The amounts so <br /> pledged to be paid into the 1998 Debt Service Subaccount from the Revenue Fund are hereby <br /> declared to be a lien and charge upon the Revenue of the System junior in lien to the Costs of <br /> Maintenance and Operation and the lien and charge of the Previously Refunded Bonds (full <br /> provision for the payment of which has irrevocably been made), equal to the lien of the charges <br /> -23- DOTOQ5 DOC 98/04/28 <br />