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<br />.,. <br />,,' <br /> <br />. <br /> <br />. <br /> <br />---~- <br /> <br />,/-'---. <br /> <br />. <br /> <br />.-. <br /> <br />.-'- . <br /> <br />. <br /> <br />e <br /> <br />- <br /> <br />CITY OF LA PORTE WATERWORKS AND SEWER SYSTEM REVENUE BOND RESERVE <br /> <br />FUND" hereinafter referred to as the "Reserve Fund." After the pay- <br /> <br />ments required by the two next preceding paragraphs have been made" <br /> <br />the City" on or before the 10th day of each month" beginning with <br /> <br />the month of April" 1962" shall, from moneys in the System Fund, <br /> <br />pay into the Reserve Fund an amount which is not less than $250 per <br /> <br />month" and such monthly payments shall be continued until such time <br /> <br />as there is in the Reserve Fund an amount not less than $24,750. <br /> <br />If in any month the City shall" for any reason" fail to pay into <br /> <br />the Reserve Fund the full amount above stipulated, amounts equivalent <br /> <br />to such deficiency or deficiencies shall be set apart and paid into <br /> <br />the Reserve Fund from the first available and unallocated revenues <br /> <br />of the following month or months and shall be in addition to the <br /> <br />monthly deposit hereinabove provided to be otherwise paid into said <br /> <br />Reserve Fund. The moneys paid into the Reserve Fund shall be deposited <br /> <br />in the official depository of the City ar~ shall be continuously <br /> <br />secured by a valid pledge to the City of direct obligations of the <br />, <br /> <br />...."'-- <br /> <br />United States of America" having an aggregate market value" exclusive <br /> <br />of accrued interest, at all times at least equal to such Reserve <br /> <br />Fund. The moneys in the Reserve Fund" at the option of the City" <br /> <br />may be invested in direct obligations of the United States of America, <br /> <br />maturing within 10 years from the date of purchase or maturing before <br /> <br />the final maturity of the Bonds, whichever shall first occur" which <br /> <br />shall be deposited in escrow with the local depository under an <br /> <br />escrow agreement. If such moneys are so invested and deposited <br /> <br />in escrow, then City shall have the right to have sold through the <br /> <br />escrow agent on the open market" a sufficient amount of such securi-. <br /> <br />" <br /> <br />ties to meet its obligations of principal and interest in the event <br /> <br />it does not have sufficient uninvested funds on hand for such purpose. <br /> <br />-16- <br />