O-1962-641 - Laserfiche WebLink

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/"---- - ~. e a ~ Under such circumstances, the Mayor is hereby authorized, ordered, and directed to give fifteen (15) days' written notice to such ,......-----.. ...... . -"'-.. . ...- - ~ . escrow agent of the necessity to sell such securities on the open market. After said sale, the moneys resulting therefrom shall belong to the Reserve Fund and shall be available to pay such obliga- tions of principal and interest as above provided. So long as the Reserve Fund contains a balance of not less than $24,750, no further payments need be made into said Reserve Fundj however, in the event that .said balance is ever reduced to an amount less than $24,750, the monthly payments, as provided above, shall be continued and re- surned until said balance of not less than $24,750 is again leached and maintained. (d) Contingency Fund: There is hereby created and estab- lished a special fund for contingencies, .to be known as CITY OF -- LA PORTE WATERWORKS AND SEWER SYSTEM REVENUE BOND CONTINGENCY FUND, hereinafter referred to as the "Contingency Fund." After the payments required by the next three preceding paragraphs have been made, the City, on or before the lOth day of each month, beginning with the '. '. month of April, 1962, shall, from moneys in the System Fund, pay into the Contingency Fund an amount which is not less than $200 per month, and such monthly payments shall be continued until such time as there is in the Contingency Fund an amount not less than $25,000. Moneys in the Contingency Fund may be used only (1) to pay unusual maintenance and operation expenses of the System for the payment of which no other funds are av~ilB:-ble, and (2) to prevent a default in the payment of the principal of and/or interest on the Bonds in the event there are insufficient moneys in the Bond Fund and Reserve ", Fund to make such payments. If in any month the City shall, for any -17-