Ordinance 818-81 - Laserfiche WebLink

amount required in any calendar year thereafter to pay the prin- cipal of and interest on all outstanding Parity Bonds. Such annual payments into the Reserve Account shall be made not later than December 20 of each year. In the event the City hereafter issues any Term Bonds, and provides for the payment thereof by a mandatory schedule of payments into a Sinking Fund Account in the Revenue Bond Fund, the words "principal of and interest on all outstanding Parity Bonds" in the first paragraph of this subsection C and the following paragraph of this section shall be deemed to exclude from "principal" an amount of Term Bonds equal to such mandatory payments, and from "interest" the interest on such Term Bonds so provided for subsequent to the date of the respective deposits, and to include in lieu thereof the mandatory sinking fund deposits as of the dates required. The City further covenants and agrees that when the required deposits have been made into the Reserve Account, it will at all times maintain therein an amount at least equal to the maximum amount required in any subsequent calendar year to pay the principal of and interest on all outstanding Parity Bonds. Whenever there is a sufficient amount in the Revenue Bond Fund, including all accounts therein, to pay the principal of, premium if any, and interest on all outstanding Parity Bonds, the money in the Reserve Account may be used to pay such principal, premium and interest. Money in the Reserve Account may also be withdrawn to redeem and retire, and to pay the premium, if any, and interest due to such date of redemption, on any outstanding Parity Bonds, as long as the monies left remaining on deposit in the Reserve Account are equal to the maximum amount required in any calendar year thereafter to pay the principal of and interest on the remaining outstanding Parity Bonds. -14-