Construction of Additions and Improvements to the Sewage Works Bonds

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other funds hereunder. Any interest or other accretions derived from any such investment shall become a part of the funds invested unless not required for the purpose of such funds in which case such interest and other accretions shall, subject to the requirements of Section 148 of the Code as defined below, be deposited into the hereinbelow described Sinking Fund. In conformity with the pro- visions of the governing statutes, the holders of said Series 1989 Bonds shall be entitled to a lien on the proceeds of the Series 1989 Bonds until the same are applied to the costs of the acquisition and contruction of the Improvements as provided for herein. Section 11. All of the revenues derived from the operation of the City's sewage works shall be segregated and kept in a special fund, separate and apart from all other funds of the City. Out of this fund all proper and reasonable expenses of operation, repair and maintenance of the works shall be paid, and the requirements of the funds and accounts designated hereunder shall be provided. Section 12 . The special fund designated "Sewage Works Sinking Fund, " created by Ordinance No. 3959, adopted on February 8, 1954 for the payment of the Sewage Works Revenue Bonds, dated April 1, 1954, and maintained by Ordinance No. 5298 adopted on May 25, 1971, for the payment of the 1971 Bonds is hereby designated and constituted as the special fund for the payment of the interest on and principal of the bonds authorized by this Ordinance and the payment of any fiscal agency charges in connection with the payment of the bonds and interest thereon. Said fund shall be continued until all of the bonds issued under said prior ordinances and this Ordinance have been paid. There shall be set aside and paid into said Sinking Fund monthly, as available, a sufficient amount of the net revenues of said sewage works for the payment of (a) the interest on all bonds which by their terms are payable from the revenues of the sewage works, as such interest shall fall due, (b) the necessary fiscal agency charges for paying said bonds and interest, (c) the principal of all bonds which by their terms are payable from the revenues of the sewage works, as such principal shall fall due, and (d) an additional amount as a margin of safety and for the payment of premiums upon bonds redeemed by call or purchase, which margin, together with any unused surplus of such margin carried forward from the preceding year, shall equal not less than ten percent (10%) of all other amounts so required to be paid into said Sinking Fund; provided, however, that the 1971 Bonds shall have priority in respect to the payment of interest and principal from the funds in said Sewage Works Sinking Fund. The term "net revenues" as used in this section shall be construed to mean the revenues remaining after the costs of operation, maintenance and repair have been paid. The monthly payments into said Sinking Fund shall be in an amount equal to at least one-twelfth (1/12) of the amount required for such payments during the then next succeeding twelve (12) calendar months and shall continue until such time as said fund shall contain an amount sufficient to pay all of the bonds then outstanding, together with the interest thereon to the dates of maturity thereof. In addition to said required monthly payments into the Sewage Works Sinking Fund, all of the net revenues of said sewage works not used in making said required Sinking Fund payments shall be set aside and -19-