92-013 ORD CERTIFICATE FOR ORDINANCE AUTHORIZING ISSUANCE OF COP WATERWORKS AND SEWER SYSTEM REVENUE BONDS SERIES 1992

Home Browse Search

Sinking Fund available for such payment are insufficient for such purpose, and may be used for the purpose of finally retiring the last of the Bonds, and any Revenue Bonds. Section 14. CONTINGENCY FUND. That there is hereby created and shall be established and maintained at the Issuer's depository bank a separate fund to be entitled the "City of Paris Waterworks and Sewer System Bonds Contingency Fund" (the "Revenue Bonds Contingency Fund"). The Contingency Fund shall be used to pay the cost of any repairs or extensions to the System for the payment of which no other funds are available. The Contingency Fund may also be used to pay the principal of and interest on the Series 1992 Bonds and any Revenue Bonds, at any time when there are not sufficient monies in the Revenue Bonds Revenue Fund, Revenue Bonds Interest and Sinking Fund and Revenue Bonds Reserve Fund for such purposes. Section 15. DEPOSITS OF PLEDGED REVENUES. That Net Revenues shall be credited to or deposited in the Revenue Bonds Interest and Sinking Fund, the Revenue Bonds Reserve Fund, the Revenue Bonds Contingency Fund, and other funds when and as required by this Ordinance and any ordinance authorizing the issuance of Revenue Bonds. Section 16. INVESTMENTS. That money in any Fund established pursuant to this Ordinance or any ordinance authorizing the issuance of Revenue Bonds, may, at the option of the Issuer, if permitted by law, be placed in time deposits or certificates of deposit secured by obligations of the type hereinafter described, or be invested in Government Obligations (as defined in Section 8 hereot) or obligations guaranteed or insured by the United States of America, which, in the opinion of the Attorney General of the United States, are backed by its full faith and credit or represent its general obligations, or invested in obligations of instrumentalities of the Llnited States of America, including, but not limited to, evidences of indebtedness issued, insured, or guaranteed by such governmental agencies as the Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, Federal Home Loan Banks, Government National Mortgage Association, United States Postal Service, Farmers Home Administration, Federal Home Loan Mortgage Association, Small Business Administration, Federal Housing Association, or Participation Certificates in the Federal Assets Financing Trust; provided that all such deposits and investments shall be made in such manner as will, in the opinion of the Issuer, permit the money required to be expended from any Fund to be available at the proper time or times as expected to be needed. Such investments (except United States Treasury Obligations--State and Local Government Series investments held in book entry form, which shall at all times be valued at cost) shall be valued in terms of current market value as of the last day of each fiscal . year. Unless otherwise set forth herein, all interest and income derived from such deposits and investments immediately shall be credited to, and any losses debited to, the Fund from which the deposit or investment was made, and surpluses in any Fund shall or may be disposed of as hereinafter provided. Such investments shall be sold promptly when necessary to prevent any default in connection with the Bonds or Revenue Bonds consistent with the ordinances, respectively, authorizing their issuance. 23