O-1948-357 - Laserfiche WebLink

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.e e said bonds at a price, exclusive of accrued interest, not exceed- ing the principal amount thereot, or to redeem said bonds in accordance with the redemption provision contained in Section III ot this ordinance. The moneys paid into the Bond Fund shall be deposited in a bank or banks and ehall be continuously secured by 8 valid pledge to the City of direct obligations of the United States or America, having an aggregate market value, exclusive of accrued interest.. at all times at least equal to suoh Bond Fund. The Bond Fund, a.t the option of the City, may be invested in such direct obligations ot the United States of America and deposited in escrow under an escrow agreement. If such funds are so'invested and deposited 1n escrow, the City shall have the right to bave sold through the escrow agent on the open market 8 sufficient amount of said securities in order to meet its obliga- tions of princ1:ral and interest in EVent it does not have suffi- cient funds, uninvested, on hand for such purpose. Under such circumstances, tlle Mayor is hereby authorized, ordered and directed to give fifteen days notice to such escrov agent of _ 'the necessity to sell s81d securities on the open market. After such sale, the moneys resulting therefrom shall belong to the Bond lPund and shall be available to pay such obligations of pr1ncipal and interest. (2 ) Sur'DluB I Any funds remaining In the System Fund, atter provision for the reaso:oable cost of operating and JtBin- tain1.ng the System, and atter paying the amounts required to be paid into the Bond Fund, as above provided, may be used by the City tor the purehBse of said bands at no~ exeeeding the principal ~ amount thereof (exclus1 VB of accrUed Interest) or for redeeming sa14 bonda in accordance with the redemption provision contained in Section III of this ordinance, or tor any other purpoee per- mi tted by lay. C . ADDI1'IOIlAL BO~ I Ep.cumbrance and Sale. While any ot the bonda are outstanding, the City shall not issue any \/~ }