Concerning Construction and the Installation of Extensions, Additions and Improvements to the Waterworks

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year, together with the amount of interest on and principal of all -the bonds which will become due and payable during the calendar, operating or fiscal year then next ensuing, then any excess over such surplus may be transferred either to the Operation and Maintenance Account or to the Depreciation Account- Any such excess over such surplus may also be used in the purchase of outstanding bonds, or redemption of any bonds redeemable prior to maturity, at a price not exceeding the then applicable redemption price. No further payments need be made into the Bond and Interest Redemption Account when the funds therein equal or exceed the amount of the principal of all the bonds then outstanding and interest thereon to the maturity dates thereof. All of -the funds of said several accounts shall be deposited in lawful depositories of -the City and shall be continuously held and secured or invested as provided by the laws relating to 'the depositing, securing, and holding or investing of public funds, including particularly Chapter 9 of the Acts of 1945, as amended In no event shall any of the revenues of said waterworks be transferred or used for any purpose not authorized by this ordinance so long as any of the bonds issued pursuant to the provisions of this ordinance shall be outstanding. Section 4. For the purpose of procuring Funds with which to pay the cost of construction, installation of extensions, additions and irmrovements to its waterworks, the City shall issue its revenue bonds under and pursuant to the provisions of this ordinance and said Act, which bonds shall be payable only out of the special Bond and Interest Redemption Account herein provided for, subject to the prior servicing of the outstanding "h?aterworks Revenue Bonds of 1960" hereinbefore referred to, in accordance with the terms thereof. The bonds authorized by this ordinance shall be designated as "Waterworks Revenue Bonds of 1966 ". Said bonds shall be in a principal amount not exceeding One Million Eight Hundred FlineLy -five Thousand Dollars ($1,395,000 00), in the denomination of One Thousand Dollars ($1,000.00) each, or Five Thousand Dollars ($5,000.00) each, the denomination to be at the option of the purchaser, numbered consecutively from 1 up, dated as of the first day of the month in which said bonds are sold, and shall bear interest at a rate or rates not exceeding five per -5 --