Ordinance 1433-88 - Laserfiche WebLink

which shall be deposited the Revenue of the System as collected, except the interest earned and income derived from investments of moneys 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 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 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 the 1985 Sinking Fund Account, the 1988 Sinking Fund Account, and 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 1985 Reserve Account and 1988 Reserve Account and into any Reserve Account hereafter created to secure the payment of the principal of and interest on Parity Bonds; Seventh, to make all payments required to be made into any revenue bond redemption fund, revenue warrant redemption fund, debt service account, reserve account or sinking fund account created to pay and secure the payment of the principal of and interest on any revenue bonds, or revenue warrants or other revenue obligations of the City having a lien upon the Revenue of the System junior and inferior to the lien thereon for the payment of the principal of and interest on the Parity Bonds; -24- KR180 88/01/11