Ordinance 2870-05 - Laserfiche WebLink

rating agency then maintaining a rating on the Bonds, the Insurer, if any, to each party entitled to receive notice pursuant to Section 18, and to such persons (including securities repositories who customarily at the time receive notices of redemption in accordance with rules promulgated by the Commission) and with such additional information as the City shall deem appropriate, but such mailings shall not be a condition precedent to the redemption of such Bonds. (4) Amendment of Notice Provisions. The foregoing notice provisions of this Section 5, including but not limited to the information to be included in redemption notices and the persons designated to receive notices, may be amended by additions, deletions and changes in order to maintain compliance with duly promulgated regulations and recommendations regarding notices of redemption of municipal securities. Section 6. Priority PaMents 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 Chief Financial Officer 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; -23- P:\CMW\CMW6WH 09/06/05