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O-1965-726
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O-1965-726
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Last modified
11/2/2016 3:38:26 PM
Creation date
10/24/2006 11:26:20 AM
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Legislative Records
Legislative Type
Ordinance
Date
12/6/1965
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<br />..~. . <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />t <br /> <br />:." <br /> <br />. <br /> <br />. <br /> <br />. , <br /> <br />aforesaid obligations must mature, or be subject to redemption <br /> <br />at the option of the holder thereof, within not more than ten <br /> <br />years from the date of the making of such investment. Any <br /> <br />obligation in which money in the Reserve Fund is so invested <br /> <br />shall be kept and held in an official depository bank of the <br /> <br />City in escrow and in trust for the benefit of the holders of <br /> <br />the Bonds and all Additional Bonds, and shall be promptly sold <br /> <br />and the proceeds of sale applied to the making of all payments <br /> <br />required to be made 'from the,Reserve Fund. <br /> <br />Section 15. DEFICIENCIES IN FUNDS. If in any month <br /> <br />the City shall fail to deposit into any Fund created by this <br /> <br />Ordinance the full amounts required, amounts equivalent to such <br /> <br />deficiencies shall be set apart and paid into said Funds from <br /> <br />the first available and unallocated Net Revenues of the Airport <br /> <br />for the following month or months, and such payments shall be in <br /> <br />addition to the amounts otherwise required to be paid into said ' <br /> <br />, , <br />Funds during such month or months. To the extent necessary, the <br /> <br />City shall incr~ase the rates, charges, and amounts for services <br /> <br />of the Airport to make up for any such deficiencies. <br /> <br />Sect,ion 16. EXCESS REVENUES. Money remaining in the <br /> <br />Revenue Fund at the close of each fis'cal year of the City, after <br /> <br />making adequate provision for the Funds created by this Ordinanc <br /> <br />and after taking care of all other legal obligations, if any, <br /> <br />against the Reven~e, Fund and after retaining therein an amount <br /> <br />certified by the Airport Manager as sufficient,to pay estimated <br /> <br />Maintenance ~nd'Operation Expenses for a period of two months, <br /> <br />may be used by the City for any lawful purpose. <br /> <br />Section 17. SECURITY FOR FUNDS. All Funds created <br /> <br />by this Ordinance shall be secured in the manner and to the <br /> <br />fullest exten~ permitted or required by law for the security <br /> <br />of public funds"and such Funds shall be used only for the <br /> <br />purposes and in the manner permitted or required by this <br /> <br />Ordinance. <br /> <br />":.; <br />
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