97-008 ORD AUTHORIZING ISSUANCE/DELIVERY OF COP WATERWORKS AND SEWER SYSTEM REVENUE BONDS SERIES 1997 IN THE PRINCIPAL AMOUNT OF $5,000,000 AND ORDAINING OTHER MATTERS RELATING THERETO

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and investments equal to the Required Reserve Amount. Any increase in the Required Reserve Amount may be funded from Net Revenues or from proceeds from the sale of any Revenue Bonds, or any other available source or combination of sources. All or any part of the Required Reserve Amount not funded initially and immediately after the delivery of any installment or issue of Revenue Bonds shall be funded, within not more than five years from the date of such delivery, by deposits of Net Revenues in approximately equal monthly installments on or before the lOth 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 lOth day of each month, a sum equal to 1/60th 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 1/60th of the Required Contingent Amount shall be resumed and continued until such time as the Contingency Fund has been restored to said aggregate amount. Section 22. 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 June 10, 1997, and semiannually on or before each December 10 and June 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 26