Ordinance 15-69 - Laserfiche WebLink

issuance of bonds or coupon warrants , all payments required to be made into any bond redemption fund or reserve account out of the revenue of the System, and all payments required for any other proper purposes in connection with the operation of the System to use such surplus money at any time to purchase any of the Bonds in the open market for retirement only if the same may be purchased at a price not to exceed that at which Bonds could be called for redemption on the first succeeding date upon which they may be so called, plus accrued interest. Section 5 . That by Section 6 of Ordinance No. 3768 there has been created a special fund of the city known as the "Sewer Construction Fund" as a depositary for all moneys to be used to acquire , construct and installpadditions and improvements to and extensions of the System. The proceeds of the sale of the Bonds (exclusive of accrued interest , which shall be paid into the Bond Redemption Fund) shall be paid into said Construction Fund and shall be used solely for the purpose of paying the cost of acquiring, constructing and installing the additions and improvements to and extensions of the System for which the same are authorized, including the repayment of advances made from other city funds . Earnings from the investment of moneys in the Construction Fund shall accrue to such Fund and shall be used for the purposes authorized by this ordinance . Section 6 . That the Bond Redemption Fund was created for the sole purpose of paying the principal of and interest on the Outstanding Parity Bonds , the Bonds and any Parity Revenue Bonds . The city hereby obligates and binds itself to set aside and pay into the Bond Redemption Fund out of the Sewer Revenue Fund the following fixed amounts necessary to pay the principal of and interest on the Bonds as the same respectively become due and payable . Such payments shall be made into the Bond Redemption Fund 8.