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4.
<br />(Form for registration to be
<br />printed on the back of each bond)
<br />Date of In Whose Signature of
<br />Registration Name Registered City Controller
<br />Section 4. That upon completion of construction of the sewer system
<br />improvements but at any event not later than May 15, 1940, the sewer system of said
<br />City shall thereafter, so long as any bonds hereby authorized are outstanding, be
<br />operated by said City as a revenue producing undertaking. Interest on said bonds.
<br />prior thereto shall be paid from the proceeds derived from the sale thereof, The
<br />revenues of said system as received shall be set aside into a separate and special
<br />fund to be used for the retirement of the aforesaid bonds and in maintaining said
<br />system as follows, to wit:
<br />That there shall be and there is hereby created a fund to be known as
<br />the "Sewage Works Bond and Interest Redemption Fund," into which there shall be set
<br />aside from said revenues (except as herein otherwise provided) such amount thereof
<br />as will be sufficient to pay the interest and principal of the bonds hereby authorized
<br />and it is hereby determined that on a fiscal year basis commencing on January let
<br />of each year the amounts necessary to be so set aside into said fund during each such
<br />year shall be not less than 110% of the total amount of interest and principal becoming
<br />due on November 15th of such year and May 15th of the succeeding year, and that on
<br />the basis of all the bonds hereby authorized having been issued the amounts to be so
<br />set aside shall be not less than as follows:
<br />Provided, however, that no further payments need be made into said redemption
<br />fund when and so long as such amount of the bonds shall have been retired that the
<br />amount then held in such fund is equal to the entire amount of all interest and
<br />principal that will be payable at the time of their redemption or maturity on all of
<br />the bonds then remaining outstanding.
<br />If in any year the City shall, for any reason, fail to pay into said
<br />redemption fund the full amount above stipulated, then an amount equivalent to such
<br />deficiency shall be set apart and paid into said fund from the first available revenues
<br />of the following year or years, and same shall be in addition to the amount otherwise
<br />herein provided to be so set apart and paid during such succeeding year or years.
<br />Such payments into said fund shall be made in equal monthly installments
<br />on the first day of each month, except that when the first day of any month shall be
<br />a Sunday or a legal holiday, then such payments shall be made on the next succeeding
<br />secular day and the balance then remaining shall be set aside for operation,
<br />maintenance and depreciation as provided by law.
<br />In the event the revenues during any month are inadequate to make the
<br />required payment into said account the deficiency shall be made up and paid as afore-
<br />said from the first available revenues thereafter received and same shall be in
<br />addition to payments otherwise provided to be made in such succeeding month or months.
<br />ed
<br />The "Sewage Works Bond and Interest Redemption Fund" as aforesaid
<br />alb ofsend
<br />solely and only and is hereby pledged for the purpose of paying principal
<br />For the year
<br />ending December
<br />31,
<br />1939
<br />- $ 70,000
<br />1949 -
<br />$ 1120630
<br />1959
<br />- $ 115,670
<br />1940
<br />- 70,000
<br />1950 -
<br />12,670
<br />1960
<br />- 1149800
<br />1941
<br />- 110,000
<br />1951 -
<br />12,640
<br />1961
<br />- 15,860
<br />1942
<br />- 1120600
<br />1952 -
<br />12,540
<br />1962
<br />- 14,850
<br />1943
<br />- 113,060
<br />1953
<br />- 112,370
<br />1963
<br />- 15,700
<br />1944
<br />- 113,450
<br />1954
<br />- 12,130
<br />1964
<br />- 16,410
<br />1945
<br />- 111,770
<br />1955 -
<br />1119820
<br />1965
<br />- 1140980
<br />1946
<br />- 112,090
<br />1956
<br />- 11,440
<br />1966
<br />- 15,480
<br />1947
<br />- 12,340
<br />1957
<br />- 12,990
<br />1967
<br />- 152840
<br />1948
<br />- 112,520
<br />1958
<br />- 1145400
<br />1968
<br />- 120,060
<br />Provided, however, that no further payments need be made into said redemption
<br />fund when and so long as such amount of the bonds shall have been retired that the
<br />amount then held in such fund is equal to the entire amount of all interest and
<br />principal that will be payable at the time of their redemption or maturity on all of
<br />the bonds then remaining outstanding.
<br />If in any year the City shall, for any reason, fail to pay into said
<br />redemption fund the full amount above stipulated, then an amount equivalent to such
<br />deficiency shall be set apart and paid into said fund from the first available revenues
<br />of the following year or years, and same shall be in addition to the amount otherwise
<br />herein provided to be so set apart and paid during such succeeding year or years.
<br />Such payments into said fund shall be made in equal monthly installments
<br />on the first day of each month, except that when the first day of any month shall be
<br />a Sunday or a legal holiday, then such payments shall be made on the next succeeding
<br />secular day and the balance then remaining shall be set aside for operation,
<br />maintenance and depreciation as provided by law.
<br />In the event the revenues during any month are inadequate to make the
<br />required payment into said account the deficiency shall be made up and paid as afore-
<br />said from the first available revenues thereafter received and same shall be in
<br />addition to payments otherwise provided to be made in such succeeding month or months.
<br />ed
<br />The "Sewage Works Bond and Interest Redemption Fund" as aforesaid
<br />alb ofsend
<br />solely and only and is hereby pledged for the purpose of paying principal
<br />
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