Ordinance 831-81 - Laserfiche WebLink

payment of the principal of and interest on the Bonds at or prior to maturity; (c) Simultaneously with the receipt of the proceeds of such sale of Refunding Bonds, or Additional Interim Financing Bonds, it will pay into the Revenue Interim Financing Bond Fund moneys sufficient to pay the principal of and interest on all outstanding Bonds and will immediately apply said moneys to the payment of such Bonds in accordance with their terms. Section 9 . Priority of Lien of Payments into Revenue Interim Financing Bond Fund. The amounts so pledged to be paid into the Revenue Interim Financing Bond Fund 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, the lien and charge of the Refunded Bonds ( full provision for the payment of which has irrevocably been made) , and the lien and charge upon such Revenue for the payment of the principal of and interest on Parity Bonds. Section 10. Application and Investment of Moneys in the Revenue Interim Financing Bond Fund. Money in the Revenue Interim Financing Bond Fund may be invested as permitted by law. Invest- ments in the Revenue Interim Financing Bond Fund shall mature prior to the date on which such money shall be needed for required interest or principal payments. All interest earned and income derived by virtue of such investments shall remain in the Revenue Interim Financing Bond Fund and be used to meet the required deposits therein. Section 11 . Sufficiency of Revenues. The City Council hereby finds that in fixing the amounts to be paid into the Revenue Interim Financing Bond Fund out of the Revenue of the System, it has exercised due regard for the Costs of Maintenance and Operation and has not obligated the City to set aside and pay -11- BD339 81/12/22