O-1988-1595 - Laserfiche WebLink

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e e (a) La Porte Area Water Authority Revenue Fund (the "Revenue Fund")~ (b) La Porte Area Water Authority Bond Fund (the "Bond Fund") ~ (c) La Porte Area Water Authority Reserve Fund (the "Reserve Fund") ~ (d) La Porte Area Water Authority Rebate Fund (the "Rebate Fund")~ (e) La Porte Area Water Authority Contingency Fund (the "Contingency rund")~ and (f) La Porte Area Water Authority Construction Fund (the "Construction Fund"). 7.02. Revenue Fund. All Revenues of every nature received shall be deposited frorn day to day as collected into the Revenue Fund, and all Operating and Maintenance Expenses shall be paid from the Revenue Fund upon approval by the Board. The Revenues not actually .required to pay Operating and Maintenance Expenses shall be deposited frorn the Revenue Fund into the other Funds provided for by this Resolution, in the rnanner and amounts. hereinafter provided, and each of such Funds shall have priority as to such deposits in the order in which they are treated in the following sections. 7.03. Bond Fund. There shall be deposited into the Bond Fund: (a) (i) On or before the 25th day of each month from September 25, 1988 until May 25, 1989, inclusive, an amount which is not less than one-ninth (l/9) of the first interest payment due on the Bonds, and (ii) on o~ before the 25th day of each month thereafter, an arnount which is not less than one-sixth (1/6) of the next interest payment due on the Bonds~ and (b) On or before the 25th day of December, 1990, and on or before the 25th day of each month thereafter, an amount which is not less than one-twelfth (1/12th) of the principal of the Bonds maturing on the next December l~ provided, however, such deposits shall be reduced by any amount already on deposit in the Bond Fund that is, by 022DESAO/024C04 -l9- - R~__"___ ...__4______ ___ _0_. _