Ordinance 536-78 - Laserfiche WebLink

As long as any of the Bonds remain outstanding, the City hereby irrevocably obligates and binds itself to set aside and pay from the Water and Sewer 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 out- standing Bonds. Such payments from the Water and Sewer Revenue Fund shall be made on or before the twentieth day of each month as follows: 1. In the months of September, October, November, and December, 1978, an amount which, with other moneys available therefor in the Debt Service Account, will be equal to at least one-fourth of the principal of and interest on the Bonds to become due and payable on January 1, 1979. 2. Beginning with the month of January, 1979 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 January, 1979 and continuing for as long as any of the Bonds are outstanding and unpaid, an amount which, with other moneys available therefore 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 Reserve Account. A Reserve Account is hereby created in the Revenue Bond Fund for the purpose of secur- ing the payment of the principal of and interest on the Bonds and any future Parity Bonds. The City covenants and agrees that it will pay into the Reserve Account out of the Revenue of the System (or, at the option of the City, out of any other funds on -15-