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(a) Principal and Interest Account. There shall be transferred, on the last day <br /> of each calendar month, from the Revenue Fund and credited to the Bond and Interest Account <br /> an amount equal to the sum of one-twelfth (1/12) of the principal and one-sixth (1/6) of the <br /> interest on all then outstanding bonds payable from Net Revenues on the next succeeding <br /> principal and interest payment dates, until the amount so credited shall equal the principal <br /> payable during the next succeeding twelve (12) calendar months and the interest payable during <br /> the next succeeding six (6) calendar months. There shall similarly be credited to the account any <br /> amount necessary to pay when due the bank fiscal agency charges for paying principal of and <br /> interest on the bonds as the same become payable. The City shall, from the sums deposited in <br /> the Sinking Fund and credited to the Bond and Interest Account, remit promptly to the bank <br /> fiscal agency sufficient moneys to pay the principal and interest on the due dates thereof together <br /> with the amount of bank fiscal agency charges. <br /> (b) Debt Service Reserve Account. The City may, upon the issuance of the <br /> 2012B Bonds of any Series, establish within the Debt Service Reserve Account a subaccount for <br /> the 2012B Bonds of such Series (each, a "2012 Subaccount"). The Debt Service Reserve <br /> Account (excluding any subaccounts established for any of the Bonds (each, a "Subaccount", <br /> and collectively, the "Subaccounts")) shall constitute the margin for safety and as protection <br /> against default in the payment of principal of and interest on the Bonds (as hereinafter defined) <br /> (excluding any Bonds for which a Subaccount was established), and the moneys in the Debt <br /> Service Reserve Account (excluding any Subaccounts) shall be used to pay current principal and <br /> interest on the Bonds (excluding any Bonds for which a Subaccount was established) to the <br /> extent that moneys in the Bond and Interest Account are insufficient for that purpose. The 2012 <br /> Subaccount of the Debt Service Reserve Account for the 2012B Bonds of any Series shall <br /> constitute the margin for safety and as protection against default in the payment of principal of <br /> and interest on the 2012B Bonds of such Series, and the moneys in such 2012 Subaccount shall <br /> be used to pay current principal and interest on the 2012B Bonds of such Series to the extent that <br /> moneys in the Bond and Interest Account are insufficient for that purpose. <br /> (c) No amounts in the 2012 Subaccount of the Debt Service Reserve Account <br /> for the 2012B Bonds of any Series shall be available to pay any principal of or interest or <br /> redemption premium, if any, on any Bonds, except the 2012B Bonds of such Series. <br /> (d) No amounts in the Debt Service Reserve Account shall be available to pay <br /> any principal of or interest or redemption premium, if any, on any 2012B Bonds of any Series for <br /> which a 2012 Subaccount was established, except that any amounts in the 2012 Subaccount of <br /> the Debt Service Reserve Account for the 2012B Bonds of any Series shall be available to pay <br /> the principal of or interest or redemption premium, if any, on the 2012B Bonds of such Series. <br /> (e) In this Ordinance the term "Parity Bonds" means any and all bonds <br /> ranking on a parity with the 2012B Bonds issued hereunder (including the Prior Bonds) which <br /> are (i) now outstanding or issued in the future by the City and (ii)which are payable from the net <br /> revenues of the City's waterworks. <br /> (f) In this Section 14, the term "Bonds" means the 2012B Bonds issued <br /> hereunder and all Parity Bonds. <br /> - 18 - <br />