Ordinance 941-83 - Laserfiche WebLink

Seventh, to make all payments required to be made into any revenue bond redemption fund or revenue warrant redemption fund and debt service account or reserve account created to pay and secure the payment of the principal of and interest on any revenue bonds or revenue warrants 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; Eighth, to retire by redemption or purchase in the open market any outstanding revenue bonds or revenue warrants of the City, to make necessary additions, betterments, improvements and repairs to or extensions and replacements of the System, or for any other lawful City purposes. Section 6. Payments into Revenue Bond Fund. A special fund of the City known as the "Revenue Bond Fund" has heretofore been created in the office of the Treasurer of the City for the purpose of paying and securing the payment of the Parity Bonds. As long as any Parity Bonds are outstanding, the City hereby obligates and binds itself to set aside and pay into the Revenue Bond Fund as collected all Assessments levied in Utility Local Improvement District No. 1 of the City. A. Payments into Debt Service Account. A special account known as the Debt Service Account has heretofore been created in the Revenue Bond Fund for the purpose of paying the principal of, premium, if any, and interest on the Parity Bonds. As long as any of the Bonds remain outstanding, the City hereby irrevocably obligates and binds itself to set aside and pay from the Revenue Fund into the Debt Service Account those amounts necessary, together with Assessments deposited and such other moneys as are on hand and available therefor in the Debt Service Account, to pay the interest or principal and interest next coming -11- WMD20 83/05/02