Ordinance 713-80 - Laserfiche WebLink

available for such purpose) not less than approximately equal annual payments sufficient, with other money in the Reserve Account and otherwise required to be paid therein, to have on deposit therein by June 20, 1985, a total amount which will be equal to the maximum amount required to be paid in any one calen- dar year thereafter for the principal of and interest on all outstanding Bonds. The City hereby further covenants and agrees that in the event it issues any future Parity Bonds that it will provide in the ordinance authorizing the issuance of the same that it will pay into the Reserve Account out of the Revenue of the System or Assessments (or, at the option of the City, out of any other funds on hand legally available for such purpose) not less than approximately equal additional annual payments so that by five years from the date of such future Parity Bonds there will have been paid into the Reserve Account an amount which, with the money already on deposit therein, will be equal to the maximum 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 June 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 Bond Fund, the words "principal of and interest on all outstanding Parity Bonds" in the first paragraph of this subsection B and the following paragraph of this section shall be deemed to exclude from "princi- pal" an amount of Term Bonds equal to such mandatory payments, and from "interest" the interest on such Term Bonds subsequent to the date of the respective deposits, and to include in lieu thereof the mandatory sinking fund deposits as of the date required and interest on Term Bonds provided for by such deposits only to the dates of the respective deposits. -11-