Amend Section 3, 6 and 12 Ordinance No. 4321-60 Concerning acquisition and construction of extensions and additions to the Waterworks

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(11. 5%) of the gross revenues of said waterworks shall be set aside into the Depreciation Account and shall be expended in making good deprecia- tion in the waterworks, or in new construction, extensions or additions to the property of the waterworks. Any accumulations in said Deprecia- tion Account not required for immediate use may be invested in direct obligations of the United States Government, in the manner and to the extent permitted by law, and if so invested the income from such invest- ment shall accrue to the Depreciation Account. Said account shall not be used for any purpose other than as herein provided. (c) Bond and Interest Redemption Account. Nineteen and five - tenths per cent (19.5 %) of the gross revenues of the waterworks shall, as such revenues are received, be set apart and paid into a special ac- count to be identified as the "Bond and Interest Redemption Account. " The funds in said account shall be used solely for the purpose of paying the interest and principal of the bonds issued pursuant to the provisions of this ordinance in accordance with the terms hereof and any bonds ranking on a parity therewith, to the extent necessary for that purpose. If and when a surplus shall be created in said Bond and Interest Redemp- tion Account which shall be in excess of the interest on and principal of all the bonds, plus ten per cent (10%), which are payable during the remainder of the then current calendar, operating or fiscal year, to- gether 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 - 3 -