Laserfiche WebLink
~ <br /> ~ <br /> ~ <br /> ~ <br /> ~ <br /> ; <br /> ~ <br /> 3 <br /> this Ordinance. Such deposits shall be made in approximate- 9 <br /> ~i ly equal monthly installments to the extent practicable. ~ <br /> ~ <br /> ~ <br /> Section 17. PRIOR LIEN RESERVE FUND REQUIREMENTS. Y <br /> i';;That after the initial delivery of any Prior Lien Additional i <br /> i;Bonds the City shall cause to be deposited in the Prior Lien <br /> ,:Reserve Fund an amount equal to the average annual principal <br /> and interest requirements, of such initial Prior Lien Addi- i <br /> : tional Bonds. After the delivery of any other Prior Lien <br /> ~ Additional Bonds the City shall cause the Prior Lien Reserve t <br /> i'.Fund to be increased, if and to the extent necessary, so ' <br /> J that such Fund will contain an amount of money and ° <br /> investments equa] in market value to the average annual ° <br /> ;`principal and interest requirements of all Prior Lien ; <br /> : Additional Bonds which will be outstanding after such ; <br /> P delivery. An amount of money and investments equal in ' <br /> market value to the average annual principal and interest ~ <br /> requirements, of all Prior Lien Additional Bonds at any time ~ <br /> E`outstanding is hereby designated as the "Required Prior Lien ' <br /> Reserve Amount". All or any part of the Prior Lien Reserve ~ <br /> ; Fund may be funded from Pledged Revenues, or from proceeds N <br /> ' from the sale of any Prior Lien Additional Bonds, or any g <br /> other available source, or any combination of sources. All % <br /> ~ or any part of the Prior Lien Reserve Fund not funded ; <br /> ° initially and immediately after the delivery of any series ~ <br /> or issue of Prior Lien Additional Bonds shall be funded, ; <br /> within not more than five years from such date of such <br /> ~ delivery, by deposits of Pledged Revenues in approximately <br /> 'i equal semiannual installments, made on or before the lOth ~ <br /> E day of each June and each December. Principal amounts of ; <br /> i' any Prior Lien Additional Bonds which must be redeemed ; <br /> pursuant to any applicable mandatory redemption requirements <br /> shall be deemed to be maturing amounts of principal for the F <br /> purpose of calculating principal and interest requirements ? <br /> ' of the Prior Lien Additional Bonds. When and so long as the <br /> ; amount in the Prior Lien Reserve Fund is not less than the f <br /> ! Required Prior Lien Reserve Amount no deposits shall be made <br /> to the credit of the Prior Lien Reserve Fund; but when and <br /> ; <br /> i if the Prior Lien Reserve Fund at any time contains less <br /> i' than the Required Prior Lien Reserve Amount, then the City <br /> l shall transfer from Pledged Revenues in the System Fund, <br /> semiannually on or before the lOth day of each June and of = <br /> each December, a sum equal to 1/10th of the Required Prior ; <br /> ' Lien Reserve Amount, until the Prior Lien Reserve Fund is ; <br /> ; restored to the Required Prior Lien Reserve Amount. The ; <br /> City specifically covenants that when and so long as the ~ <br /> Prior Lien Reserve Fund contains the Required Prior Lien <br /> Reserve Amount, the City shall cause all interest and income a <br /> ; derived from the deposit or investment of the Prior Lien ' <br /> ~.i Reserve Fund to be deposited to the credit of the Prior Lien < <br /> Additional Bonds Account in the Interest and Sinking Fund. 9 <br /> ~ <br /> i Section 18. RESERVE FUND REQUIREMENTS. That on or ~ <br /> before the delivery of the Bonds the City shall cause to be ~ <br /> deposited in the Reserve Fund, from available funds of the ~ <br /> City the amount of $336, 500, which is at least equal to the ; <br /> ' average annual principal and interest requirements of the ~ <br /> ; Bonds. After the delivery of any Additional Bonds the City ~ <br /> shall cause the Reserve Fund to be increased, if and to the ~ <br /> ; extent necessary, so that such fund will contain an amount i <br /> of money and investments equal in market value to the ~ <br /> average principal and interest requirements, of all Bonds <br /> ; and Additional Bonds which will be outstanding after such <br /> delivery. An amount of money and investments equal in ~ <br /> market value to the average annual principal and interest <br /> requirements of all Bonds and Additional Bonds at any time j <br /> ~ outstanding is hereby designated as the "Required Reserve ~ <br /> Amount". Any increase in the Required Reserve Amount may be ~ <br /> ` funded from Pledged Revenues, or from proceeds from the sale ; <br /> of any Additional Bonds, or any other available source or <br /> combination of sources. All or any part of the Required <br /> Reserve Amount not funded initially and immediately after <br /> ~ <br /> , <br /> ~ <br /> 10 ~ <br /> ~ <br /> ~ <br />