Ordinance 2870-05 - Laserfiche WebLink

declared to be a lien and charge upon the Revenue of the System junior in lien to the Costs of Maintenance and Operation and the lien and charge of the Previously Refunded Bonds (full provision for the payment of which has irrevocably been made), equal to the lien of the charges upon such Revenue have heretofore been made to pay and secure the payment of the principal of and interest on the Outstanding Parity Bonds and which may hereafter be made to pay and secure the payment of the principal of and interest on any future Parity Bonds, and prior and superior to all other charges of any kind or nature whatsoever. (e) Application and Investment of Money in Revenue Bond Fund. Money in the Debt Service Account, any Sinking Fund Account and any Reserve Account shall be invested in any legal investment for City funds. Investments in the Debt Service Account and any Sinking Fund Account shall mature prior to the date on which such money shall be needed for required interest or principal payments. Investments in any Reserve Account shall mature not later than the last maturity of the Parity Bonds secured thereby. All interest earned and income derived by virtue of such investments shall remain in the Revenue Bond Fund and be used to meet the required deposits into any account therein. (f) Sufficiency of Revenues. The Council hereby finds and declares that in fixing the amounts to be paid into the Revenue Bond Fund out of the Revenue of the System, it has exercised due regard for the Costs of Maintenance and Operation and has not obligated the City to set aside and pay into such Fund a greater amount of such Revenue than in its judgment will be available over and above the Costs of Maintenance and Operation. Section 8. Bond Covenants. (a) Maintenance and Operation. The City shall at all times maintain, preserve and keep the properties of the System in good repair, working order and condition and -28- P:\CMW\CMW6WH 09/06/05