R-1989-01 - Laserfiche WebLink

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e . rates and charges for services rendered by the Authority sufficient to establish and maintain funds for the payment thereof. Section 7. REVENUES AND FUNDS. 7.01. Creation of Funds. All Revenues shall be kept separate and apart from all other funds of the Authority, and the following special funds ("Fundsll) shall be established and maintained in an official depository bank or depository banks of the Authority so long as any of the Bonds or any Additional Bonds, or interest thereon, are outstanding and unpaid: (a) La Porte Area Water Authority Revenue Fund (the "Revenue Fund"); (b) La Porte Area Water Authority Bond Fund (the IIBond Fundll); (c) La Porte Area Water Authority Reserve Fund (the IIReserve Fundll); (d) La Porte Area Water Authority Rebate Fund (the "Rebate Fundll); (e) La Porte Area Water Authority Contingency Fund (the "Contingency Fund"); 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 'from 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 from the Revenue Fund into the other Funds provided for by this Resolution, in the manner 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 each interest payment date occurring prior to the first sale of water to 038DESAJ/024C02 -19-