O-1965-730 - Laserfiche WebLink

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.' . (a) such 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,Sonds on the next interest payment date; and (b) such amounts, in equal monthly installments, made on or before January 10, 1969, and on, or before the 10th da of each month thereafter as will be sufficient to pay the next maturing p~,incipa1 of the Bonds. The Interest and ,Sinking Fund shall be used to pay the principal ...'.- ~ of and interest ,on the Bonds and all Additional Bonds, as such principal 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 $ 500.00, , until the Reserve Fund sha~l contain an aggregate amount of $ 6,000.00. 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 us.ed to pay the principal of or interest on the Bonds and all' ,Additional Bonds, at any time when there is not sufficient mon~y 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 ob1iga- . tions of the Federal Intermediate Credit Ba~ks, Federal Land Banks, Federal National Mortgage Association, Federal Home Loan Banks or Banks for Cooperatives, provided that each of the