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 said 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 Account and the Water and Sewer Bond <br /> Account may be invested in any obligations eligible for the <br /> investment of municipal debt service funds . Obligations so <br /> purchased shall be deemed at all times to be part of said <br /> Accounts and any interest accruing thereon and profit realized <br /> from such investments shall be credited to such Accounts . The <br /> City shall sell, at the best 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 other 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 an� yield <br /> of investment to the extent necessary to prevent the Bonds from <br /> ' -13- <br />