Ordinance 1891-92 - Laserfiche WebLink

this ordinance, the Escrow Agreement, and Section 8 of Ordinance No . 1433-88 of the City) . (2) The amount equal to the interest accruing on the Refunding Bonds from September 1, 1992, to the date of their delivery shall be deposited in the 1992 Debt Service Subaccount . (3) The balance of the proceeds of the Bonds remaining after the application of proceeds pursuant to Subparagraphs B ( 1) - (2) of this Section shall be deposited in the Construction Fund and shall be applied towards construction, acquisition, installation and equipping of the Project, and to pay the costs of issuance of the 1992 Bonds . At the time of the delivery of the 1992 Bonds and prior to the application of the proceeds of the 1992 Bonds, the Treasurer is hereby authorized and directed to make the following interfund transfers : (i) The amount in the Debt Service Account for the 1988 Bonds which is in excess of the Reserve Account Requirement for that account following defeasance of the Refunded 1988 Bonds shall be transferred to the 1992 Advance Refunding Fund. In no event shall the amount in the Debt Service Account be reduced below that amount necessary to pay the principal of and interest on the Nonrefunded 1988 Bonds on their next occurring principal and interest payment dates, after taking into account other revenues to be deposited into the Debt Service Account for payment of the 53 FWW003.DOC 92/09/21