Ordinance 818-81 - Laserfiche WebLink

Seventh, to make all payments required to be made into any revenue bond redemption fund or revenue warrant redemp- tion 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; Eighth, 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, improve- ments and repairs to or extensions and replacements of the System, or for any other lawful City purposes. Section 6. Payments into Revenue Bond Fund. The "Revenue Bond Fund" has heretofore been created in the office of the Treasurer of the City for the purpose of paying and securing the payment of all Parity Bonds. A. Payments into Debt Service Account. A Debt Service Account has heretofore been created in the Revenue Bond Fund for the purpose of paying the principal of, premium if any, and interest on all Parity Bonds. As long as any of the Bonds remain outstanding, the City hereby irrevocably obligates and binds itself to set aside and pay from the Revenue Fund into the Debt Service Account those amounts necessary, together with such other funds as are on hand and available in the Debt Service Account, to pay the interest or principal and interest next coming due on outstanding Bonds. Such payments from the Revenue Fund shall be made on or before the twentieth day of each month as follows: 1. In the months of April, 1982 through December, 1982, an amount which, with other moneys available therefor in the Debt Service Account, will be equal to at least -10-