Laserfiche WebLink
one -twelfth of the total amount of principal of and interest on <br />the Bonds due and payable during the following year. Amounts <br />credited and to be credited to the Water and Sewer Revenue Bond <br />Account shall be used only for payment of principal of and <br />interest on the Bonds. <br />5,04. After making the required payments into the <br />Water and Sewer Bond Account, all remaining net revenues in the <br />Water and Sewer Fund shall be used for improvements, <br />extensions, reconstruction or additions to the Water and Sewer <br />System, and to redeem outstanding obligations payable from the <br />net revenues of the Water and Sewer System, or to the extent <br />authorized by the City Council for any other lawful purpose; <br />provided that the City Council shall first determine that the <br />moneys and investments remaining in sail fund and net revenues <br />from collections of such charges in succeeding years will be in <br />amounts and available at times sufficient to provide for all <br />remaining installments of principal and interest on the Bonds <br />and any additional obligations payable therefrom and a sum at <br />least 5% in excess thereof. If the moneys and investments <br />credited to the Water and Sewer Bond Account shall be or become <br />insufficient to pay principal and interest on the Bonds (and <br />any additional obligations authorized hereby), any moneys in <br />the General Fund of the City shall be credited to the Water and <br />Sewer Bond Account to the extent of such deficiency and the <br />amount so credited shall thereafter be reimbursed from the net <br />revenues of the Water and Sewer System. It is hereby <br />estimated, found and determined that the said collections of <br />net revenues derived from the Water and Sewer System will be <br />sufficient to pay when due principal of and interest on the <br />Bonds and a sum at least 5% in excess thereof, and no tax levy <br />will be required for such payment; but the said Bonds shall be <br />the general obligation of the City, and the City will levy a <br />general ad valorem tax for the payment of the principal thereof <br />and interest thereon whenever it may appear necessary in order <br />to provide for the full and timely payment thereof. <br />5,05. Moneys on deposit to the credit of the <br />Operation and Maintenance P-rount and the Water and Sewer Bond <br />Account may be invested i obligations eligible for the <br />investment of municipa' lice funds. Obligations so <br />purchased shall be deer:.•, times to be part of said <br />Accounts and any inter-- .ing thereon and profit realized <br />from such investments :z..:l be credited to such Accounts. The <br />City shall sell, at i,ie hest price obtainable, any obligations <br />so purchased whenever it shall be necessary to do so in order <br />to provide moneys to meet any payment of principal or interest <br />on the Bonds or tether obligations payable from the revenues of <br />the Water and Sewer System and authorized hereby. Amounts on <br />deposit in the Operation and Maintenance Account and the Water <br />and Sewer Bond Account shall be limited as to amount and yield <br />of investment to the extent necessary to prevent the Bonds from <br />-13- <br />