Laserfiche WebLink
<br /> <br /> <br /> <br /> <br /> <br /> First, to the Interest and Sinking Fund, when and in the amounts required by this <br /> Ordinance and any ordinance authorizing any Revenue Bonds; <br /> <br /> Second, to the Reserve Fund, when and in the amounts required by this Ordinance and any <br /> ordinance authorizing any Revenue Bonds; and <br /> <br /> Third, to the Contingency Fund, when and in the amounts required by this Ordinance and <br /> any ordinance authorizing any Revenue Bonds; and <br /> <br /> Section 19. INTEREST AND SINKING FUND REQUIREMENTS. (a) That promptly after <br /> the delivery of the Bonds the Issuer shall cause to be deposited to the credit of the Interest and <br /> Sinking Fund any accrued interest received from the sale and delivery of the Bonds, and any such <br /> deposit shall be used to pay part of the interest next coming due on the Bonds. <br /> <br /> (b) That the Issuer shall transfer from the Net Revenues and deposit to the credit of the <br /> Interest and Sinking Fund the amounts, at the times, as follows: <br /> <br /> (1) such amounts, deposited in approximately equal monthly installments on or before <br /> the lOth day of each month hereafter, commencing with the month during which the Bonds <br /> are delivered, or the month thereafter if delivery is made after the lOth day thereof, as will <br /> <br /> be sufficient, together with other amounts, if any, then on hand in the Interest and Sinking <br /> Fund and available for such purpose, to pay interest scheduled to accrue and come due on <br /> the Bonds, the Outstanding Bonds, and any Revenue Bonds, on the next succeeding inter- <br /> est payment date; <br /> <br /> (2) such amounts, deposited in approximately equal monthly installments on or before <br /> the lOth day of each month hereafter, commencing with the month during which the Bonds <br /> are delivered, or the month thereafter if delivery is made after the lOth day thereof, as will <br /> be sufficient, together with other amounts, if any, then on hand in the Interest and Sinking <br /> Fund and available for such purpose, to pay principal scheduled to mature and come due <br /> on the Bonds, the Outstanding Bonds, and any Revenue Bonds, on the next succeeding <br /> principal payment date; and <br /> <br /> Section 20. RESERVE FUND REQUIREMENTS. The Issuer shall cause to be deposited <br /> in the Reserve Fund on the lOth day of each month hereafter $750, until the Reserve Fund shall <br /> contain $1,273,034, which amount is equal to the average annual principal and interest <br /> requirement on the Bonds and the Outstanding Bonds. The Issuer shall maintain an amount of <br /> money and investments equal to the average annual principal and interest requirements of the <br /> Bonds, the Outstanding Bonds, and any Revenue Bonds, if any, (the "Required Reserve <br /> Amount"). Following the issuance of Bonds, the Required Reserve Amount shall be equal to the <br /> average annual principal and interest requirements of the Bonds, and any Revenue Bonds then <br /> outstanding. After the delivery of any Revenue Bonds the Issuer shall cause the Reserve Fund <br /> to be increased, if and to the extent necessary, so that such fund will contain an amount of money <br /> <br /> 25 <br />