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8419-93 Amending Ordinance #8318-92 Issuance of Revenue Bonds Waterworks
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8419-93 Amending Ordinance #8318-92 Issuance of Revenue Bonds Waterworks
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10/2/2012 3:03:42 PM
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10/2/2012 3:03:39 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/27/1993
Ord-Res Number
8419-93
Bill Number
81-93
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established (the "Revenue Fund") , which fund <br /> shall be maintained separate and apart from <br /> all other bank accounts of the City. <br /> (b) Operation and Maintenance Fund. <br /> There shall be credited on the last day of <br /> each calendar month a sufficient amount of the <br /> revenues of the Waterworks so that the balance <br /> in the Operation and Maintenance Fund hereby <br /> created and established (the "Operation and <br /> Maintenance Fund") shall be sufficient to pay <br /> the expenses of operation, • repair and <br /> maintenance for the then next succeeding two <br /> calendar months. The moneys credited to the <br /> Operation and Maintenance Fund shall be used <br /> for the payment of the reasonable and proper <br /> operation, repair and maintenance expenses of <br /> the Waterworks on a day-to-day basis, but none <br /> of the moneys in such Operation and <br /> Maintenance Fund shall be used for <br /> depreciation, replacements, improvements, <br /> extensions or additions. Any balance in said <br /> Operation and Maintenance Fund in excess of <br /> the expected expenses of operation, repair and <br /> maintenance for the next succeeding two <br /> calendar months may be transferred to the <br /> Sinking Fund if necessary to prevent a default <br /> in the payment of principal of or interest on <br /> the outstanding bonds of the Waterworks. <br /> (c) Waterworks Sinking Fund. There <br /> shall be set aside and deposited in the <br /> Waterworks Sinking Fund hereby created and <br /> established (the "Sinking Fund") for the <br /> payment of the principal of and interest on <br /> revenue bonds which by their terms are payable <br /> from the Net Revenues of the Waterworks, and <br /> for the payment of any fiscal agency charges <br /> in connection with the payment of bonds and <br /> interest, as available, and as hereinafter <br /> provitled, a sufficient amount of the Net <br /> Revenues of said Waterworks to meet the <br /> requirements of the Bond and Interest Account <br /> and of the Debt Service Reserve Account <br /> described herein in said Sinking Fund. Such <br /> payments shall continue until the balance in <br /> the Bond and Interest Account, plus the <br /> balance in the Debt Service Reserve Account <br /> hereinafter described, equals the amount <br /> needed to redeem all of the then outstanding <br /> bonds. <br /> 12 <br />
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