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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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6/25/2009 8:45:24 AM
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6/25/2009 8:45:23 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/22/1998
Ord-Res Number
8919-98
Bill Number
51-98
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replacements, improvements, extensions or additions. Any balance in said fund in excess of the <br />expected expenses of operation, repair and maintenance for the next succeeding month may be <br />transferred to the Sewage Works Sinking Fund referred to below if necessary to prevent a default <br />in the payment of principal or interest on outstanding bonds. <br />Section 11. Sewage Works Sinking Fund. There shall be deposited from the <br />Revenue Fund into the "Sewage Works Sinking Fund," created under the 1993 Bond Ordinance and <br />continued hereby, for the payment of the interest on and principal of revenue bonds which by their <br />terms are payable from the revenues of the Sewage Works, and the payment of any fiscal agency <br />chazges in connection with the payment of such bonds and interest thereon, a sufficient amount of <br />the net revenues of said Sewage Works (defined as gross revenues of the sewage works after <br />deduction only for the payment of the reasonable expenses of operation, repair and maintenance) to <br />meet the requirements of the Bond and Interest Account and the Debt Service Reserve Account each <br />created under the 1993 Bond Ordinance and continued hereby, in said Sewage Works Sinking Fund. <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 principal of and interest on all of the then <br />outstanding bonds to the final maturity thereof. <br />(a) Bond and Interest Account. Beginning with the first calendar month <br />following the date of issuance of the 1998 Bonds herein authorized, there shall be credited <br />on the first day of each calendaz month to the Bond and Interest Account an amount equal <br />to the sum of one-sixth (1/6) of the interest on all then outstanding bonds payable during the <br />then next succeeding six calendaz months and one-twelfth (1/12) of the principal on all then <br />outstanding bonds payable during the then next succeeding twelve calendar months; provided <br />that such fractional amounts shall be appropriately increased, if necessary, to provide for the <br />first interest and first principal payments. There shall similazly be credited to the account the <br />amount necessazy to pay the bank fiscal agency chazges, if any, for paying principal and <br />interest on the bonds as the same become payable. The City shall, from the sums deposited <br />in the Sewage Works Sinking Fund and credited to the Bond and Interest Account, remit <br />promptly to the bank fiscal agency sufficient moneys to pay the principal and interest on the <br />due dates thereof together with the amount of any bank fiscal agency chazges. <br />-18- <br />::ODMA\PCDOCS\SBDOCS 1 \ 14947\3 <br />
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