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HomeMy WebLinkAbout0363_361361 (b) .90TTD =There is heresy cre. ted ,rd m•c'.ered trr be est,tTlished ,rd TI"int.,inmd so lone, ,s ,ry ?onds,-`or lion's Are outst ntlirt , w th the City's offici,l Repository, sep.,r„te Account to be known ,;s the "Utility 5,,stem Revenue Bonds Interest Ard Sinking Fund", herein,fter c0led the "Bond Fund". The ,mounts to be p,id into thrr Bond Fuad during; g,ch Ire -r IM wl..ich Am• of the Bonds r ,ny cOcIittonal Bonds ,re nutst,ndint,,, shOl be' -,n ,nnurt enu„Y trr 100 per'-eprtum of the mount required to tieet the interest ,nd principAl p.yrrents f„llinE, due on or hrfnre the next m,turity d,te of -the Bonds or ,n\r gddition,.l Bonds then outst,-ndinv,. Bt•ginnint; on the 10th d,v of the-nnnth-- iru-edigtely follovrinr' the d,te of delivery of the --Bonds to the nruch.,sers and on or bef ire the loth d', -%r of etch north there,fter, ,fter p.,�,'ments h,tre been n, de qs required by subsection (n) of this 6ection 15, the City shell withdraw fror, the Utility -system Revenue Fund Arid derTosit in the -'Bond 'rund An amount not less th,t the tot;;l of s 1/12th of the next r.,turinr installment of principal r f the Bonds, .rd rrf ,ny 1ddition,1 Bonds then outst.,ndinC. god 16th of the next semi -Annul inst,llment of interest on. the Bonds ,rd mi ,ny .idditior l Ponds then out- st,ddinC. The monies in the Bord Fund sh„11 be used solerly for the purpose of gayint; interest rm Qnd princi pal of the Bo nds, ,rd .,nir Additior,l Bonds, urtil ,11 wich ',ones h Vr been retired. Ir the event the linco'na And revenues of the Utility 5ystAn are in;;;*"'icicni- jn Any .ao :'.;h to niernit the require& deposits --into the Bond Fund --in full accord with --the provisions limrenf, then the Amount of gny• deficiency shell I -e ,dded to the ,nrTunt otilerrrise required to be deposited ir.. s,,id Bond -2Zrd-Ir the next month, until qll deficiercies Are rectified. - Th,t concurrently with the delivery of tire Brrnds to the ourchQrers thereof, ,11 sums --of monev--received from the purch,sers .s Accrued interest p.id on the Bon's sh,ll be nlAced in the Bond Fund . --(c) YESZRVE F`U?ID; There is hereby cre.,ted And ordered to be est.,blished Qnd rr,int,ined so,-lonr, rs aRny Bonds or :;ny :Irldition„1 Bonds ,re---6utst,ndinr, :vith tl-e City's nffici„1 Depositor;, , sep,r:,te ,cccunt to be 1-nown Qs the "Utility System hevenu?f Ponds F=eserve Fund."('herein<,fter c„11 the -'"Reserve Fund.") Beginning on the loth d.av of t'! e mnnth irredt,tely following- the d,teo rrf the delivery of the -'Bonds to the nurchAser-s thereof, -and --on or before the loth dAv nP etch month thereafter, , .f'-er p,vments h,ve been nide As required by subsections (A) .gnd (b) of this 6eetAors 13, tYe City-sh -11 withdr.w from the Utility System Eevenue Fund And deposit in tYL- F:eserve rund ,n ,mount on Tn.oney equ.l to 20% of the Amount then 'required to be n.id into the Bond Fund. Such-n.vnents sl:All continue unti 1 therer 1105 been Acc- uml,ted Zn"sAid Reserve Fund ,n gmount of money equal to one, years Aver-A.t;e Annugl principAl ,rid intesPst- requirements on t1r. }Bonds then outstAndin,;. - The City coeen,nts And At-rees-thc t inthe event Additional Bor,ds--,re issues ,s herein;;fter provided, the Ordirrgnce nuthorizinr--sch ,VId-Lionel i}onds••shall provide- for the 7AyneTt--into the hesor�re Fund of such Addition,,1 SUMS. ,s shAll be--necessgry to permit An Accumul.tion i'n the knserve Fund, with irr six veers from -the date of -the kdditir)rr,,l Bonds -;As -•„n -- Additiorr,l--reserve, of An Amount of money ,,t lest rrgruAl to one yenr's-'Avera€e AnnuAl principAl And interest requirements on then Addition,l Bonds then outst,r.dinr. The Reserve Fund sh,,11 be used to-r.y principAl of or interest on the Bonds Qrid such -T'ttittongl Bonds f,,lling due ,rt ;,my ti^e for the rra7•m©nt of which there is no money AvAilable' in the Bond Fund. No p,yrments need 1^e m,de into the Reserve Fund diter there sh.11 h„ve been .ccuzul;,ted „rd sh111 exist in std Fund the ,mount of money herein stipul..ted; but if gt env tiT:•e it becomes necess,ry to use ter.:por.rily ,ny p,rt of wich Reserve Fund for the p yrient of priffcip,l or interrrst; or it is other- wise depleted, p,ymerts i^to the Leserve Fund sh,.,ll he resumed „nd continued until such tirae As such Fund contAlns the ,rount of money tlren required to be on deposit therein. The City's offici.l depositoryr is hereby Authorized to invest the naney in the Leserve Fund in direct oblit-,tions of or oblit;Ati ors unconditior„lly t;u,r,n- teed by the Uri ted St,tes "orernnert, havinf, m,turitiev not in excess of five (5) ye,.rs front the d,te, of the rr„king of such investment, As the -•City Council n,,q ctirect. S,td oblir„tirTns sh,Il be deposited in escrow rri.th -„id Depository under ,n escrow .[-reement, ,rd ff ,;t ,ny tire uniYiv8sted funds sh,ll be inrufficiert to permit pAyrnent of princip,l ,.nd interest m,turities of the Bonds or ,ny additional Bonds then outst,ndir.g as heretofore directed, s.id Depository shall sell on the open rrket such .,riount of the securities ,s is required tri n,y s,id Bonds or Addit&on,,l Bonds ,nd tr-e interest thereon when due, Qnd shall rive due notice thereof to tine City of Geort•eto• n- All money resultint; from the n,,turity of principAl grid i-xiterest of the securities in which the Reserve Fund--is--invested tapir be rei.nvestwd .rd Qccuml,ted in s,i.d i'-eserve Fund And considered A p,rt thereof .nd used for And only for the purposes herein,bove provided with respect to said Fund. (d) CONTI ,GENCY FUIFI)e There is -'hereby cre,ted grid ordered to --be est,blished And m,,irt,ined so font; gs any Bonds or--Arry Ai.litiori.l Bonds Are outstanding, with 'the City's Officigl Depository, -A sep.r.te account to 1,e lmoirrn As the "Utility Sister. Continbency Fund'L (herein,fter referred to Qs the "Continr.ency Fund"). Be€•,inrint- on the loth d. -,r -of the month irm,edigtley followirF• the d.te of the delivery of the Bondg to tre ourchosers thereof, .nd--on or before the loth e,y of e.,ffh ronth thereafter, gfter p.ynentshgve befrn rade ,s --required by subsections (A), (b) and (c) of this Section 13, the City► shmll withdr,rr .from the Utility System Revenue