O-1948-357 - Laserfiche WebLink

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) . e e (1) JSond P'J,mJ1: Prom the funds in the System Fund, the City shall pay into the Bond Fund during each year in which any ot the bonds are outstanding, commencing with the date 01' the delivery of the bonds herein authorized. to the purchasers thereof, an amount equal to 100 per centum ot the amount required to meet the interest and principal );lB.ym.ents talling due on or before the next maturity date 01' the bonds. In addition to such payment, the City shall pay 1nt 0 the Bond Fund from the System Fund in each year twenty (20%) per centum ot: the above required amount until suoh time &s there 1s in the Bond Fund an amount sufficient to meet the interest and prinoipal payments falling due on or betore the next maturity date ot the bonds and. the interest and principal payments on the bonds tor two years thereafter. The aMOunt required to be paid into the Bond Fund in eaoh year shall be paid in substant1ally equal monthl.y payments trom the moneys in the System Funcl, after deductions have been made for pay1.rig the reasonable cost 01' the operat1ng and maintaining of the Systelll tor such month. It the revenues 01' the System in any month, af'ter deductions tor operation and maintenance, are in- surt1cient to rake the reqUired payment 1nto the Bond Fund, then the amount 01' any def'1oienc7 in the payment shall be added. to the amount otherwise required to be paid into the Bond Fund in the next month. It 1s the intent ot this provision that the sums paid into the Bond JPund shall be in aoes S ot the immediate requirements tor payment ot interest on and principal ot the bonds until there bas been aooumulated in the Bond Fund, as e. reserve for contingencies, an amount suff'ic1ent to service the bonds tor two years. The lDOD871!1 in the Bond Fund shall be used 801ely for the purpose of pEL7in8 interest on and principal. ot the bonds until all the bonds have been retiredJ provided that. when the total in the Bond Fund 1s equal to the aggt'egate prin- o1pal amount or the bonds outstanding plus accrued interest. thereon. the moneys in the Bond .Fund lD87 be used to purchase \/1