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1258 ORD PROVIDING FOR ISSUANCE OF COP WATERWORKS AND SEWER IMPROVEMENT AND EXTENSION REVENUE BONDS SERIES 1952
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1258 ORD PROVIDING FOR ISSUANCE OF COP WATERWORKS AND SEWER IMPROVEMENT AND EXTENSION REVENUE BONDS SERIES 1952
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CITY CLERK
CITY CLERK - Date
12/10/1951
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Alk ~ - Ah <br />' the Ir:tere::,t tand Redemption I'uncl fram thE ievenues of the System, <br />15. (RESM11E FUND) On or before the lOth day of each <br />; znonth, beginna.ng Januarj 10, 1952, there shall be deposited in the tieserve <br />Fund an amount of money equal ta 25% of the a.rqount then required ta be paid <br />into the Interest and itedan?tion Fundo Trre Reserve Furri shall be used to pay <br />prir.cipal of and interest on the Bonas fallit~; due at any time when tiiere is <br />not sufficient money avaiiable in the Interest and ttedemption : und. Pdo pay- <br />ment need be ma.de irito 'Uhe aeserve Fund after there shali have been accumu- <br />lated in said fund ar, an:ount equal to `;~40,000.00, except that when said <br />:teserve Furid is reduced beloUr that amour:t, payr,Lents into ths fund sha11 be <br />resi.u;~ed and continued until such tame as the fund tip-s been restored to such <br />sum. T~ioney in tY:e -teserve Fund saa.y at the option of tize 'aity be invested in <br />direct obligations of t:~- United States of America having n,atiirities not in <br />; excess of 'Uen jrears frora the date of the making, of such investment. kny obli- <br />' gations in which i.:oney is so invested shall be kept in escrow in the I~.ercantile <br />' 1`uationai Bank at Dallas, Lallas, '1'exas, and shall be promptl; r sold and the <br />'proceeds of sale a,pulied to tYle rF.aisincr of pay::.ents required to be uiade froni <br />the :teserve r'und, wY:enever such payments are necessary to be ma.de ur,u.er this <br />'i 3ectio%. The deposits into this Fund shall be sabordinat: to tliose required <br />` to be :.iade into the Interest and 1tedemption r'undo <br />150 (CONTIPvU:~ivGl tJ~IU II,J'iiOVE,~ENT FU'11Ii) On or before <br />'Uhe lOth day of each rnonth, beginning Januanj 10, 1952, ti:ere shall be deposit- <br />ed in the Contingencsr and :l.mprovement r'und the surn of „:200.00 per Inonth until <br />; the sum of ~.~l:i,OG0o00 has been accumu7_ated. In the event such al;iount sha11 <br />be depleted said rriontnly paynients snall be reswsLeu and continued uritil the <br />full amount has been restored. I~~oney in the U'ontinoency and Improver::ent Fund <br />may be invested under the conditions set forth in Section 15 relating to the <br />` invest:zient of monies in the reserve account. '1'his fund shall be used to pdy <br />the cost of necessary or er:ergency reDairs, under the cireumstances and to the <br />extent perrr.itted by law, for the payrr.ent of which no other funds are availablea <br />li. (LLrICILNCM:a IN rUNDS) If in ar.y fiscal year the <br />Cit,, sha.ll~ for any reason, fail to pay into the Intere3t arid i~edemptior. F'und~ <br />, the Heserve Fund and the :ontingency and Improverrient Fund the full amounts <br />
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