O-1965-726 - Laserfiche WebLink

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. . . I . .' . . (a) sucp amounts, in equal monthly installments, made on or before the 10th day of each month hereafter, as will be 'sufficient to pay the interest scheduled to come due, on the Bonds on the nex't interest payment date; and (b) such amounts, in equal monthly installments, made on or before J~nuary 10, 1969, and on or before the 10th day of each month thereafter as will be sufficient to pay the next maturing principal of the Bonds. The Interest and ~inking Fund shall be used to pay the principal of an? interest on the Bonds and all Additional Bonds, as such princi~al matures and such interest comes due. Section 14. RESERVE FUND. On or before the 10th, day of each month hereafter, there shall be deposited into the Re- serve Fund the 'sum of at least $ ~~O,DD , until the Reserve Fund shall contain an aggregate amount of $ ~, oen~. tiel. No deposits shall be required to be made into the Reserve Fund as ~! long as the Reserve Fund contains said aggregate amount, but if and whenever said Reserve Fund is reduced below said aggregate amount, the ,aforesaid monthly deposits into the Reserve Fund shall be resumed and continued until such time as the Reserve Fund has been restored. to said aggregate amount. The Reserve Fund Shall be used to pay the principal of or interest on the Bonds and all Additional Bonds, at any time when there is not sufficient money available in the Interest and Sinking Fund for such purpose., Money in the Reserve Fund may, upon authorizatio by the City Commission, be invested in direct obligations of, 0 obligations" the principal of and interest on which are guarant by, the United States of America, or invested in direct obliga- tions of, the Federal Intermediate Credit Banks, Federal Land Banks, Federal National Mortgage Association, Federal Home Loan , Banks or Banks for 'Cooperatives, provided that each of the