O-1962-641 - Laserfiche WebLink

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",oJ"' ...... . . 4It principal and interest, shall, from moneys in the System Fund, pay .......-- .-'" . /'_.-- - . . .....----. . into the Bond Fund the following amounts: (1) On or before April 10, 1962, and on or before the lOth day of each month thereafter to and including the month of June, 1970, an amount which is. not less than $2,050 per month; (2)- On or before July 10, 1970, and on or before the lOth day of each month thereafter to and including the month of June, 1973, an amount which is not less than $2,500 per month; and (3) On or before July 10, 1973, and on or before the lOth day of each month thereafter until all the Bonds have been finally paid, both as to principal and interest, an amount which is not less than $2,300 per month. If in any month the City shall, for any reason, fail to pay into said Bond Fund the full amounts above stipulated, amounts equivalent to such deficiency or deficiencies shall be set apart and paid into said Bond Fund from the first available and unallocated revenues as of the following month or months and shall be in addition to the amounts hereinabove provided to be otherwise paid into said Bond Fund each month. The moneys paid into the Bond Fund shall be deposited \ in the official depository of the City, and shall be continuously secured by a valid pledge to the City of direct obligations of the United States of America, haVing an aggregate market value, exclusive of accrued interest, at all times equal to such Bond Fund. The amount received from the purchasers of the Bonds as accrued inter- est thereon to the date of delivery shall also be placed in the Bond Fund, which shall reduce by such amount the sums which would other- wise be required to be placed into the Bond Fund from the revenues of the System. (c) Reserve Fund: There is hereby created and estab- '" lished a special. fund as a reserve for the Bonds, to be known as -15-