Ordinance 831-81 - Laserfiche WebLink

The City further reserves the right to use at any time any surplus Revenue of the System available after providing for the payments required by paragraphs First, Second, Third, Fourth, Fifth and Sixth of Section 6 of this ordinance, or other available funds, to purchase any of the Bonds in the open market for re- tirement only, if the same may be purchased at a price not ex- ceeding that at which they could be called for redemption on the first succeeding date on which they may be called, plus accrued interest. Section 6. Priority of Payments from Water and Sewer Revenue Fund. The Revenue Fund has heretofore been established in the office of the Treasurer of the City into which shall be deposited the Revenue of the System as collected. 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 of the System; 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, in the following order of priority, to pay the interest on, to pay the principal of, to make all payments re- quired to be made into any sinking fund or bond retirement account for any term bonds and to make all payments required to be made into any reserve account created to secure the payment of the Parity Bonds. Fourth, to pay the interest on the Bonds; Fifth, to pay the principal of the Bonds; -8- BD339 81/12/22