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07-27-09 Common Council Meeting Agenda & Packet
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07-27-09 Common Council Meeting Agenda & Packet
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9/10/2009 2:52:27 PM
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7/23/2009 1:06:53 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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of andvnterest on all of the then outstanding bonds of the Sewage Works to the final <br />maturity thereof. <br />(b) Bond and Interest Account. There shall be transferred, on or <br />before the las± day of each calendar month, from the Revenue Fund and credited to the <br />Bond and Interest Account, an amount equal to the sum of one-sixth (1/6) of the interest <br />on all then outstanding bonds of the Sewage Works payable on the then next succeeding <br />Interest Payment Date, and one-twelfth (1/12) of the amount of principal payable on all <br />then outstanding bonds of the Sewage Works payable on the then next succeeding <br />principal payment date, until the amount of interest and principal payable on the next <br />succeeding respective interest and principal payment dates shall have been so credited; <br />provided that such fractional amounts shall be appropriately increased, if necessary, to <br />provide for the first interest and first principal payments on the Bonds. There shall <br />similarly be credited to the Bond and Interest Account any amount necessary to pay the <br />bank fiscal agency charges, if any, for paying the principal of and interest on outstanding <br />bonds of the Sewage Works as the same become payable. The City shall, from the sums <br />deposited in the Sewage Works Sinking Fund and credited to the Bond and Interest <br />Account, remit promptly to the registered owners of the outstanding bonds of the Sewage <br />Works or to the bank fiscal agency sufficient moneys to pay the principal and interest on <br />the due dates thereof together with the amount of any bank fiscal agency charges. <br />(c) Reserve Account. On the date of delivery of the Bonds or any <br />other bonds payable from the Reserve Account, funds on hand of the Sewage Works, <br />proceeds of the Bonds or such other bonds or a combination thereof may be deposited <br />into the Reserve Account. The balance to be maintained in the Reserve Account shall <br />-31- <br />BDDB01 5738468v1 <br />
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