2000-011-ORD AUTHORIZING ISSUANCE OF WATERWORKS AND SEWER SYSTEM REVENUE BONDS SERIES 2000

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in approximately equal monthly installments on or before the 10th day of each month. Principal amounts of the Bonds, the Outstanding Bonds, and any Revenue Bonds which must be redeemed pursuant to any applicable mandatory redemption requirements shall be deemed to be maturing amounts of principal for the purpose of calculating principal and interest requirements on such bonds. When and so long as the amount in the Reserve Fund is not less than the Required Reserve Amount no deposits shall be made to the credit of the Reserve Fund; but when and if the Reserve Fund at any time contains less than the Required Reserve Amount, then the Issuer shall transfer from Net Revenues in the Reserve Fund, and deposit to the credit of the Reserve Fund, monthly on or before the 10th day of each month, a sum equal to 1 160th of the Required Reserve Amount, until the Reserve Fund is restored to the Required Reserve Amount. The Issuer specifically covenants that when and so long as the Reserve Fund contains the Required Reserve Amount, the Issuer shall cause all interest and income derived from the deposit or investment of the Reserve Fund to be deposited to the credit of the Reserve Fund. Section 21. CONTINGENCY FUND REQUIREMENTS. The Issuer has on deposit in the Construction Fund $500,000 (the "Required Contingency Amount"). No deposits shall be required to be made into the Contingency Fund as long as the Contingency Fund contains said aggregate amount, but if and whenever said Contingency Fund is reduced below said aggregate amount, the aforesaid monthly deposits equal to 1I60th of the Required Contingent Amount shall be resumed and continued until such time as the Contingency Fund has been restored to said aggregate amount. Section22. DEFICIENCIES; EXCESS PLEDGED REVENUES. (a) That if on any occasion there shall not be sufficient Net Revenues to make the required deposits into the Interest and Sinking Fund or the Reserve Fund, such deficiency shall be made up as soon as possible from the next available Net Revenues. (b) That, subject to making the required deposits to the credit of the various Funds when and as required by this Ordinance or any ordinance authorizing the issuance of Revenue Bonds, any Surplus Revenues may be used by the Issuer for any lawful purpose, in particular such Surplus Revenues shall be deposited into the Interest and Sinking Fund established by the ordinance authorizing the Bonds in accordance with Section 10 of said ordinance. Section 23. PAYMENT OF BONDS AND REVENUE BONDS. On or before December 10,2000, and semiannually on or before each June 10 and December 10 thereafter while the Bonds, the Outstanding Bonds, and any Revenue Bonds are outstanding and unpaid the Issuer shall make available to the Paying Agent/Registrar therefor, out of the Interest and Sinking Fund, or if necessary, out of the Reserve Fund, money sufficient to pay, on each of such dates, the principal of and interest on the Bonds, the Outstanding Bonds, and any Revenue Bonds as the same matures and comes due, or to redeem the Bonds, the Outstanding Bonds, and Revenue Bonds prior to maturity, either upon mandatory redemption or at the option of the Issuer. At the direction of the Issuer the Paying Agent/Registrar shall either deliver paid Bonds, the Outstanding Bonds, and any Revenue Bonds to the Issuer or destroy all paid Bonds, and any Revenue Bonds, and furnish the Issuer with an appropriate certificate of cancellation or destruction. 27