Ordinance 1139-85 - Laserfiche WebLink

providing for the payment of the 1985 Term Bonds. For as long as any of the 1985 Term Bonds remain outstanding, the City hereby further irrevocably obligates and binds itself to set aside and pay from the Revenue Fund into the 1985 Sinking Fund Account those amounts necessary, together with Assessment Income deposited and such other moneys as are on hand and available therefor in the 1985 Sinking Fund Account, to pay the principal next coming due on the outstanding 1985 Term Bonds, either at maturity or upon the mandatory redemption thereof. Such payments shall be made on or before the twentieth (20th) day of each month as follows: 1 . Beginning with the month of July, 1999, and continuing for as long as any of the 1985 Term Bonds are outstanding and unpaid, an amount which, with Assessment Income deposited and other moneys available therefor in the 1985 Sinking Fund Account, will be equal to at least one-twelfth ( 1/12th) of the principal amount of the 1985 Term Bonds next coming due either at maturity or upon the mandatory redemption thereof. The amounts so set aside shall be applied to the redemption or payment at maturity of the then outstanding 1985 Term Bonds. The City covenants and agrees that in the event it issues any future Parity Bonds which are Term Bonds, it will provide in each ordinance authorizing the issuance of the same for the creation of a Sinking Fund Account and for regular monthly payments to be made from the Revenue Fund into such Sinking Fund Account sufficient, together with Assessment Income deposited and such other moneys as are on hand and available therefor in such account, to amortize the principal of such future Parity Bonds which are Term Bonds on or before -the maturity date thereof or to purchase "Government Obligations, " as such obligations are now or hereafter defined in -20- WMD202 85/06/10