Ordinance 1433-88 - Laserfiche WebLink

irrevocably been made) , equal to the lien of the charges upon such Revenue which have heretofore been made to pay and secure the payment of the principal of and interest on the Nonrefunded 1985 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 Moneys in Revenue Bond Fund. Money in the Debt Service Account, any Sinking Fund Account and any Reserve Account shall be invested in Permitted Investments as permitted by law. 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 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 10. Provision for Defeasance of the 1988 Bonds. In the event that cash (other than bond insurance proceeds) and/or direct noncallable obligations of the United States of America, maturing at such time or times and bearing interest to be earned thereon in amounts sufficient to redeem and retire the 1988 Bonds or any of them in accordance with their terms are set aside in a special account to effect such redemption or retirement and such -31- KR180 88/01/11