Ordinance 2690-03 - Laserfiche WebLink

and changes in order to maintain compliance with duly promulgated regulations and recommendations regarding notices of redemption of municipal securities. Section 7. Priority of Payments from Revenue Fund. A special fund of the City known as the "Water and Sewer Revenue Fund" has heretofore been established in the office of the Treasurer into which shall be deposited the Revenue of the System as collected, except the interest earned and income derived from investments of money in the Revenue Bond Fund and the accounts therein. The Revenue Fund shall be held separate and apart from all other funds 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 1993 Reserve Account, the 1997 Reserve Account, and into any Reserve Account heretofore or hereafter created to secure the payment of the principal of and interest on Parity Bonds and to make any payments to -25- P:\CMW\CMW5NP 04/22/03