Ordinance 2690-03 - Laserfiche WebLink

Service S ubaccount"), which s hall b e drawn upon for the p urpose o f p aying the principal o f, premium, if any, and interest on the Bonds, and which, together with other money in the Debt Service Account, may be used to pay the principal of and interest on any Parity Bonds heretofore or hereafter issued. As long as the Bonds remain outstanding, the City hereby irrevocably obligates and binds itself to set aside and pay from the Revenue Fund into the 2003 Debt Service Subaccount on or before the date due those amounts necessary, together with Assessment Income deposited and such other money as is on hand and available therefor in the 2003 Debt Service Subaccount, to pay the interest or principal and interest next coming due on the Bonds. References in this ordinance to the Debt Service Account and Revenue Bond Fund shall, unless otherwise stated, include the 2003 Debt Service Subaccount. Notwithstanding anything in Section 8(e) hereof to the contrary, money in the 2003 Debt Service Subaccount may be used to pay any arbitrage rebate, if any, to the extent the rebate is attributable to earnings on money in the 2003 Debt Service Subaccount. (b) Sinking Fund Accounts. The City covenants and agrees that in the event it issues any future Parity Bonds that are Term Bonds, it will provide in each ordinance authorizing the issuance of the same for the creation of a Sinking Fund Account and for regular monthly payments to be made from the Revenue Fund into such Sinking Fund Account sufficient, together with Assessment Income deposited and such other money as is on hand and available therefor i n such account, t o amortize the p rincipal o f s uch future P arity Bonds t hat are T erm Bonds on or before the maturity date thereof or to purchase Government Obligations sufficient to accomplish such amortization. -27-- P:\CMW\CMW5NP 04/22/03