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O-1965-730
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O-1965-730
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Last modified
11/2/2016 3:38:26 PM
Creation date
10/24/2006 11:27:42 AM
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Legislative Records
Legislative Type
Ordinance
Date
12/27/1965
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<br />. <br /> <br />e <br /> <br />aforesaid' obligations.must mature, or be subject to redemption <br /> <br />at the option of ~he ,'holder thereof, within not more than ten <br /> <br />. <br /> <br />years from the d~te of the making' of such investment. Any <br /> <br />obligat'ion in which mon~y in the Reserve Fund is so invested <br /> <br />li <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 Bonqs 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 />. <br /> <br />Ordinance the ful~ amounts required, amounts equivalent S9 such <br /> <br />deficiencies shall be set apart and paid into said Funds from <br /> <br />. I', <br />the first available and unallocated Net Revenues of the Airport <br /> <br />for the follo~ing m,onth or months, 'and such payments shall be in <br /> <br />addition to the ,amounts otherwise required to be paid into said <br /> <br />Funds during s~ch'month or months. To the extent necessary, the <br /> <br />City shall increase the rates, charges, arid amounts for services <br /> <br />of the Airport to make'up for any such deficiencies. <br /> <br />Section 16. EXCESS REVENUES. Money remaining in the <br /> <br />. <br /> <br />Revenue Fund. at the close of each fiscal year of the City, after <br /> <br />making adequate provisi~n for the Funds created by this Ordinanc <br /> <br />and after taking 'c.ar~ of all other legal obligations, if any, <br /> <br />against the Revenue Fund and after retaining therein an amount <br /> <br />certified by the Airport Manager as sufficient,to pay estimated <br /> <br />Maintenance. and Operation.~xpenses 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 />. <br /> <br />fullest extent 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 "inanner permitted or required by this <br /> <br />Ordinance. <br />
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