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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 />capital expenditures. <br /> <br />'(d) The Additional Bonds are scheduled to mature only <br /> <br />. <br /> <br />on January 15, and the interest thereon is scheduled to be paid <br /> <br />only on July 15 and January 15. <br /> <br />,(e) The ordinance authorizing the issuance of such <br /> <br />installment or. series of Additional Bonds provides that the <br /> <br />, , <br /> <br />aggregate amoun~ to' be accumulated and maintained in the Reserve <br /> <br />Fund shall be increased by an additional amount not less than t <br /> <br />.- <br />average annual.principal and interest requirements for said Addi <br /> <br />'tional Bonds, and that such additional amount shall be so <br /> <br />accumulated within sixty-one months from the date of the Addi- <br /> <br />. <br /> <br />, , <br />tional Bonds, by the deposit in the Reserve Fund of the necessar <br /> <br />sums in equal monthly installments; provided, however, that the <br /> <br />aggregate amount to ,be accumulated in the Reserve Fund shall <br /> <br />never be required to exceed the average annual principal and ~ <br /> <br />interest requirements for all then,outstanding bonds and <br /> <br />Additional ~onds, and for the installment or series of Addi- <br /> <br />tianal Bonds then proposed to be issued. <br /> <br />(f), All calculations of average annual principal and <br /> <br />. <br /> <br />interest req~irements made pursuant to this Section are made as <br /> <br />of and from the date of the Additional Bonds then proposed to <br /> <br />b~ issued. <br /> <br />Section 19. MAINTENANCE AND OPERATION; INSURANCE. <br /> <br />While any of the 'Bon,ds or Additional Bonds are outstanding the <br /> <br />City covenants and'~grees to maintain, or cause to be maintained, <br /> <br />the Airport in good condition and operate, or cause to be opera- <br /> <br />ted, the same in an efficient manner and at reasonable expense, <br /> <br />and to maintain, or cause to be maintained, insurance on the <br /> <br />. <br /> <br />.(\irport, for the benefit of the holder or holders of the Bonds <br />,. <br /> <br />and Additional Bonds" of a kind and in an amount which usually <br /> <br />, ' <br />would be carried ,by private companies engaged in a similar type <br /> <br />~ <br /> <br />, , <br />. , <br />
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