O-1962-641 - Laserfiche WebLink

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,.- --... ,/ -..... e e 4It transferred from the Bond Fund (and, if necessary, from the Reserve Fund and the Contingency Fund) to the bank of payment at the proper ,/-~,. . "..--~ '.--, , " . ,,---" --...., . times so that funds will be available for the payment of the inter- est on and principal of the Bonds as such interest and principal respectively become due and payable. When there are moneys in the Bond Fund and Reserve Fund sufficient to make all interest pay- ments and all principal payments due and to become due to the final maturity of all bonds then outstanding payable from the reve- nues of the System, no further payments need to be made int,o said Bond Fund, Reserve Fund, and Contingency Fund. (f) Surplus: Any funds remaining in the System Fund after provision has been made for the payment of the reasopable cost of operating and maintaining the System, and for the payments into Bond Fund, Reserve Fund, and Contingency Fund, as above pro- vided, and after provision has been made for all payments that may be required by ordinances or proceedings pertaining to Additional Bonds, may be used by the City for the retirement of Bonds or Additional Bonds, or may be used for any other purpose or purposes permitted by law. 10.03 - MAINTENANCE AND OPERATION: The City shall maintain the System in good condition and operate the same in an effioient man- ner and at a reasonable cost~ So long as any of the Bonds are out- standing, the City agrees to maintain ins~rance, for the benefit of the holder or holders of said Bonds, on the System of a kind and in an amount which would usually be carri~d by private companies engaged in a similar type of business. Nothing in this ordinance shall be construed as requiring the City to expend any funds for this purpose which are derived from sources other than the operation -19=