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Municipal Waterworks Revenue Bonds
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1992
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Municipal Waterworks Revenue Bonds
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Last modified
5/13/2013 1:13:21 PM
Creation date
10/11/2012 11:36:33 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/23/1992
Ord-Res Number
8318-92
Bill Number
93-92
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r <br /> • <br /> ' additions. Any balance in said Operation and Maintenance <br /> Fund in excess of the expected expenses of operation, <br /> repair and maintenance for the next succeeding two <br /> calendar months may be transferred to the Sinking Fund <br /> if necessary to prevent a default in the payment of <br /> principal of or interest on the outstanding bonds of the <br /> Waterworks. <br /> (c) Waterworks Sinking Fund. There shall be set <br /> aside and deposited in the Waterworks Sinking Fund hereby <br /> created and established (the "Sinking Fund") for the <br /> payment of the principal of and interest on revenue bonds <br /> which by their terms are payable from the Net Revenues <br /> of the Waterworks, and for the payment of any fiscal <br /> agency charges in connection with the payment of bonds <br /> and interest, as available, and as hereinafter provided, <br /> a sufficient amount of the Net Revenues of said <br /> Waterworks to meet the requirements of the Bond and <br /> Interest Account and of the Debt Service Reserve Account <br /> described herein in said Sinking Fund account. Such <br /> payments shall continue until the balance in the Bond and <br /> Interest Account, plus the balance in the Debt Service <br /> Reserve Account hereinafter described, equals the amount <br /> needed to redeem all of the then outstanding bonds. <br /> (1) Bond and Interest Account. There <br /> shall be transferred, on the last day of each <br /> calendar month, from the Revenue Fund and <br /> credited to the Bond and Interest Account <br /> hereby created and established (the "Bond and <br /> Interest Account") an amount of the Net <br /> Revenues equal to the sum of one-sixth (1/6) <br /> of the principal and one-twelfth (1/12) of the <br /> interest on all then outstanding bonds payable <br /> from Net Revenues on the next succeeding <br /> principal and interest payment dates, until <br /> the amount so credited shall equal the <br /> principal payable during the next succeeding <br /> twelve (12) calendar months and the interest <br /> payable during the next succeeding six (6) <br /> calendar months. There shall similarly be <br /> credited to the account any amount necessary <br /> to pay the bank fiscal agency charges for <br /> paying principal and interest on the bonds as <br /> the same become payable. The City shall, from <br /> the sums deposited in the Sinking Fund and <br /> credited to the Bond and Interest Account, <br /> remit promptly to the bank fiscal agency <br /> sufficient moneys to pay the principal and <br /> interest on the due dates thereof together <br /> with the amount of bank fiscal agency charges. <br /> 14 <br />
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