Ordinance concerning the Construction and Operation of Sewage Treatment Works, the Issuance of Revenue Bonds

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calendar months, and shall continue until such time as said funds 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 no event shall any part of the Sewage Works Sinking Fund be used in calling bonds for redemption prior to maturity, except to the extent that the amount then in said Sinking Fund exceeds the amount required to pay the bonds which will mature within a period of twelve (12) calendar months next following the date of such redemptions together with all interest on the bonds payable in said period. Any such excess of funds above said required level may also be used in purchasing outstanding bonds at a price less than the then applicable redemption price2 if first approved by the Board of Public Works and Safety. Monies in said Sinking Fund shall not be used for any other purpose whatsoever except as stated in this section. Section 10. In the event all required payments into the Sewage Works Sinking Fund have been met to date and there has been accumulated in said fund an amount sufficient to meet the requirements of said fund for the then next succeeding twelve (12) calendar months, and funds in an amount sufficient for operation7 repair and maintenance of the works for a like period have been accumulated and reserved for that purpose, then any excess revenues shall be placed in a fund to be designated as "Sewage Works Depreciation Fund" to the extent and in the manner hereinafter provided. Out of such excess revenues there shall be deposited in said Depreciation Fund on or before the first day of each calendar month not less than the sum of Three Thousand Dollars ($32000.00)until such time as said Depreciation Fund shall con- tain the sum of Three Hundred Sixty Thousand Dollars ($360,000.00). After the accumulation of said amount in said funds no further deposits need be made therein except to the extent necessary to 15