Ordinance 831-81 - Laserfiche WebLink

Sixth, 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 Parity Bonds and the Bonds; Seventh, 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 7. Payments into the Revenue Interim Financing Bond Fund. There is hereby created another special fund of the City to be known as the "1982 Water and Sewer Revenue Interim Financing Bond Fund" (herein called the "Revenue Interim Financing Bond Fund" ) , which fund shall be drawn upon for the sole purpose of paying the principal of and the interest on the Bonds outstanding as the same shall become due and payable. The City hereby obligates and binds itself to set aside and pay into the Revenue Interim Financing Bond Fund out of the money in the Revenue Fund, out of the proceeds of any Additional Interim Financing Bonds, if such are issued, and out of the proceeds of the Refunding Bonds, the following fixed amounts necessary to pay the principal of and the interest on the Bonds as the same respec- tively become due and payable. Such payments shall be made into the Revenue Interim Financing Bond Fund in the following amounts: 1 . In the months of April, 1982 through December, 1982, an amount which, with other moneys available therefor in the Revenue Interim Financing Bond Fund, will be equal to at least one-ninth of the interest on the Bonds to become due and payable -9- BD339 81/12/22