Ordinance 831-81 - Laserfiche WebLink

on January 1, 1983 . 2 . Beginning with the month of January, 1983 and con- tinuing for as long as any of the Bonds are outstanding and unpaid, an amount which, with other moneys available therefor in the Revenue Interim Financing Bond Fund, will be equal to at least one-sixth the interest to become due and payable on the next interest payment date on all of the Bonds then outstanding. 3 . On or prior to July 1, 1984, an amount equal to the principal amount of the Bonds coming due on such date and not fully provided for out of the proceeds of sale of the Refunding Bonds or Additional Interim Financing Bonds. Section 8. Refunding Bonds. The City hereby obligates and binds itself to set aside and pay into the Revenue Interim Finan- cing Bond Fund out of the proceeds of the sale of the Refunding Bonds, or Additional Interim Financing Bonds and/or out of the amounts paid into the Revenue Fund and legally available therefor after the payment of Costs of Maintenance and Operation of the System and after payment of all amounts required to be paid out of the Revenue Fund to pay the principal of and the interest on the Refunded Bonds and all Parity Bonds, amounts sufficient, together with other available funds, to pay the principal of and the interest on all outstanding Bonds on or prior to July 1, 1984. The City hereby covenants that: (a) It will issue the Refunding Bonds in sufficient time and in an amount sufficient, with other moneys of the City, if any, legally available and specifically set aside for such purpose, to pay the principal of and interest on all outstanding Bonds on or prior to July 1, 1984. (b) The Refunding Bonds will be issued on a parity of lien with the outstanding Parity Bonds; provided, however, that the City reserves the right to issue a series of Additional Interim Financing Bonds for the purpose of providing for the -10- BD339 81/12/22