8419-93 Amending Ordinance #8318-92 Issuance of Revenue Bonds Waterworks

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(1) Bond and Interest Account. There shall be transferred, on the last day of each calendar month, from the Revenue Fund and credited to the Bond and Interest Account hereby created and established (the "Bond and Interest Account") an amount of the Net Revenues equal to the sum of one-sixth (1/6) of the principal and one-twelfth (1/12) of the interest on all then outstanding bonds payable from Net Revenues on the next succeeding principal and interest payment dates, until the amount so credited shall equal the principal payable during the next succeeding twelve (12) calendar months and the interest payable during the next succeeding six (6) calendar months. There shall similarly be credited to the account any amount necessary to pay the bank fiscal agency charges for paying principal and interest on the bonds as the same become payable. The City shall, from the sums deposited in the Sinking Fund and credited to the Bond and Interest Account, remit promptly to the bank fiscal agency sufficient moneys to pay the principal and interest on the due dates thereof together with the amount of bank fiscal agency charges. (2) Debt Service Reserve Account. The City shall deposit, if necessary, as a reserve for the Bonds into the Debt Service Reserve Account hereby created and established (the "Debt Service Reserve Account") revenues of the Waterworks so that the amount when coupled with the balance in the Debt Service Reserve Account equals the reserve requirement for the Bonds (the "Reserve Requirement") . The Reserve Requirement for the Bonds shall be equal to the lesser of (i) the maximum annual debt service on the Bonds, or (ii) one hundred twenty-five percent (125%) of the 13