Ordinance 941-83 - Laserfiche WebLink

times maintain therein an amount at least equal to the Maximum Annual Debt Service. Whenever there is a sufficient amount in the Revenue Bond Fund, including all accounts therein, to pay the principal of, premium, if any, and interest on all outstanding Parity Bonds, the money in the Reserve Account may be used to pay such principal, premium, if any, and interest. Money in the Reserve Account may also be withdrawn to redeem and retire, and to pay the premium, if any, and interest due to such date of redemp- tion, on any outstanding Parity Bonds, as long as the moneys left remaining on deposit in the Reserve Account are at least equal to the Maximum Annual Debt Service. In the event there shall be a deficiency in the Debt Service Account to meet maturing installments of either interest on or principal of and interest on the outstanding bonds payable out of such Account, such deficiency shall be made up from the Reserve Account by the withdrawal of moneys therefrom. Any deficiency created in the Reserve Account by reason of any such withdrawal shall then be made up out of Revenue of the System or Assessments after making necessary provision for the payments required to be made by subparagraphs First through Fifth inclusive of Section 5 of this ordinance. C. Priority of Lien of Payments into Revenue Bond Fund. The amounts so pledged to be paid into the Debt Service Account and the Reserve Account from the Revenue Fund are hereby declared to be a prior lien and charge upon the Revenue of the System superior to all other charges of any kind or nature whatsoever except the Costs of Maintenance and Operation of the System and the lien and charge of the Refunded Bonds (full provision for the payment of which has irrevocably been made) , and except that the amounts so pledged are of equal lien to the charges upon such -14- WMD20 83/05/02