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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Last modified
5/15/2009 1:50:10 PM
Creation date
11/21/2008 3:58:33 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/28/2000
Ord-Res Number
9095-00
Bill Number
23-00
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SECTION 12. Revenue Fund. There is hereby continued a fund of the utility created <br />and designated in the Prior Ordinances as the Revenue Fund (the "Revenue Fund"). All income acid <br />revenues of the works shall be paid into the Revenue Fund for application as described below. <br />SECTION 13. Operation and Maintenance Fund. There is hereby continued a fund <br />of the utility created and designated in the Prior Ordinances as the Operation and Maintenance Fund <br />(the "Operation and Maintenance Fund") (also shown on the books of the utility as the Operating <br />Fund). There shall be transferred from the Revenue Fund and credited to the Operation and <br />Maintenance Fund, on the last day of each calendar month, a sufficient amount so that the balance <br />in this Fund shall be sufficient to pay the expenses of operation, repair and maintenance for the then <br />next succeeding two calendar months. The moneys credited to this Fund shall be used for the <br />payment of the reasonable and proper operation, repair and maintenance expenses of the works on <br />a day-to-day basis, but none of the moneys in the Operation and Maintenance Fund shall be used for <br />depreciation, replacements, improvements, extensions or additions. Any balance in Operation and <br />Maintenance Fund in excess of the expected expenses of operation, repair and maintenance for the <br />next succeeding two calendar months may be transferred to the Sinking Fund if necessary to prevent <br />a default in the payment of principal of or interest on the outstanding bonds of the works. <br />SECTION 14. Sinking_Fund. There is hereby continued a fund of the utility created <br />and designated in the Prior Ordinances as the Sinking Fund (the "Sinking Fund"), to be used for the <br />payment of the principal of and interest on bonds which by their terms are payable from the Net <br />Revenues, and for the payment of any fiscal agency charges in connection with such payment. The <br />Sinking Fund is divided into two accounts designated as the Bond and Interest Account and the Debt <br />Service Reserve Account, which are pledged for the purposes set forth below. There shall be set <br />aside and deposited in the Sinking Fund, as available, and as hereinafter provided, a sufficient <br />amount of the Net Revenues to meet the requirements of the Bond and Interest Account (also shown <br />on the books of the utility as the Bond Sinking Fund) and of the Debt Service Reserve Account. <br />Such payments shall continue until the balance in the Bond and Interest Account, plus the balance <br />in the Debt Service Reserve Account, equals the amount needed to redeem all of the then outstanding <br />bonds. <br />(a) Principal and Interest Account. There shall be transferred, on the last day of <br />each calendar month, from the Revenue Fund and credited to the Bond and Interest Account an <br />amount equal to the sum ofone-twelfth (1/12) of the principal and one-sixth (1/6) of the interest on <br />all then outstanding bonds payable from Net Revenues on the next succeeding principal and interest <br />payment dates, until the amount so credited shall equal the principal payable during the next <br />succeeding twelve (12) calendar months and the interest payable during the next succeeding six (6) <br />calendar months. There shall similarly be credited to the account any amount necessary to pay when <br />due the bank fiscal agency charges for paying principal of and interest on the bonds as the same <br />become payable. The City shall, from the sums deposited in the Sinking Fund and credited to the <br />Bond and Interest Account, remit promptly to the bank fiscal agency sufficient moneys to pay the <br />principal and interest on the due dates thereof together with the amount of bank fiscal agency <br />charges. <br />-19- <br />
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