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10118-11 Authorizing Sewage Works Revenue Bonds
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10118-11 Authorizing Sewage Works Revenue Bonds
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10/7/2011 5:58:42 PM
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10/7/2011 5:58:38 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/12/2011
Ord-Res Number
10118-11
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SECTION 1l. Collection of Revenues• Funding Operation Repair an.d Maintenance. <br /> All revenues derived from the operation of the Sewage Works and from the collection of sewage <br /> rates and charges shall be deposited in the Sewage Works Revenue Fund (the "Revenue Fund"), <br /> as set forth in the Prior Ordinances and continued hereby, and such revenues shall be segregated <br /> and kept separate and apart from all other funds and bank accounts of the City. Out of said <br /> revenues the proper and reasonable expenses of operation, repair and maintenance of the Sewage <br /> Works shall be paid, the principal and interest of all bonds and fiscal agency charges of bank <br /> paying agents shall be paid, and the costs of replacements, extensions, additions and <br /> improvements shall be paid as hereinafter provided. <br /> On the last day of each calendar month there shall be credited from the Revenue Fund to <br /> the Sewage Works Operations and Maintenance Fund (the "Operations Fund"), as set forth in the <br /> Prior Ordinances and continued hereby, a sufficient amount of the revenues of the Sewage <br /> Works so that the balance in said fund shall be sufficient to pay the expenses of operation, repair <br /> and maintenance for the then next succeeding two calendar months. The moneys credited to this <br /> fund shall be used far the payment of the reasonable and proper operation, repair and <br /> maintenance expenses of the Sewage Works on a day-to-day basis, but none of such moneys in <br /> such fund shall be used for deprecation, replacements, improvements, extensions or additions. <br /> Any balance in the Operations Fund in excess of the expected expenses of operation, repair and <br /> maintenance for the then next succeeding month may be transferred to the Sinking Fund referred <br /> to below if necessary to prevent a default in payment of principal or interest on outstanding <br /> bonds. <br /> SECTION 12. Sewage Works Sinkin�Fund. <br /> (a) There shall be deposited from the Revenue Fund into the Sewage Works <br /> Sinking Fund (the "Sinking Fund") previously established and continued hereby for the <br /> payment of the interest on and principal of revenue bonds which by their terms are <br /> payable from the Net Revenues of the Sewage Works, and the payment of any fiscal <br /> agency charges in connection with the payment of such bonds and interest thereon, a <br /> sufficient amount of the Net Revenues of said Sewage Works to meet the requirements of <br /> the Bond and Interest Account and the Reserve Account previously established and <br /> continued hereby in said Sinking Fund. Such payments shall continue until the balance <br /> in the Bond and Interest Account, plus the balance in the Reserve Account, equals the <br /> principal of and interest on all of the then outstanding bonds of the Sewage Works to the <br /> final maturity thereof. <br /> (b) Bond and Interest Account. There shall be transferred, on or before the <br /> last day of each calendar month, from the Revenue Fund and credited to the Bond and <br /> Interest Account, an amount equal to the sum of one-sixth (1/6) of the interest on all then <br /> outstanding bonds of the Sewage Works payable on the then next succeeding Interest <br /> Payment Date, and one-twelfth (1/12) of the amount of principal payable on all then <br /> outstanding bonds of the Sewage Works payable on the then next succeeding principal <br /> payment date, until the amount of interest and principal payable on the next succeeding <br /> respective interest and principal payment dates shall have been so credited; provided that <br /> such fractional amounts shall be appropriately increased, if necessary, to provide for the <br /> first interest and first principal payments on the 2011 Bonds. There shall similarly be <br /> - 12 - <br />
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