Ordinance 818-81 - Laserfiche WebLink

• one-ninth of the interest on the Bonds to become due and payable 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 there- for in the Debt Service Account, 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. Beginning with the month of July, 1982 and continu- ing for as long as any of the Bonds are outstanding and unpaid, an amount which, with other moneys available there- fore in the Debt Service Account, will be equal to at least one-twelfth of the principal of the Bonds to become due and payable on the next principal payment date. B. Payments into Sinking Fund Account. A 2007 Sinking Fund Account is hereby created in the Revenue Bond Fund for the purpose of providing for the payment of the 2007 Term Bonds. For as long as any of the Bonds remain outstanding, the City hereby further irrevocably obligates and binds itself to set aside and pay from the Revenue Fund into the 2007 Sinking Fund Account those amounts necessary, together with such other funds as are on hand and available in the 2007 Sinking Fund Account to pay the principal of the outstanding 2007 Term Bonds. Such payment shall be made on or before the twentieth day of each month as follows: 1. Beginning with the month of July, 2001, and contin- uing through the month of June, 2002, an amount equal to one-twelfth of the lesser of $1, 015, 000 or the principal amount of the Bonds numbered 1512 to 3200 inclusive which are outstanding on July 1, 2001. 2. Beginning with the month of July, 2002, and contin- uing through the month of June, 2003, an amount equal to one-twelfth of the lesser of $1, 145, 000 or the principal -11-