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Fund qnd deposit :to the credit hof the Contingency Fund not less tlign-the
aiu.: of 625.00 per month until the sum trf 'w'�15,000.00 has been Rccumnalgted.
The aontin;ency Fund shall be used to p,,y the (1) cost of any renAirs or
renlacem'ents to the Utility -System necessitated by the occurring of on emer-
reency, And (2) interest on .,nd/or principal of the Bonds or qny nddition.1
Bonds, w'nen other funds -or the City :,.re insufficient for such purpose.-
The City covenants and agrees that in the event Additional Bones arts issued
the--Grd-trance ,uthorizine: suuh Arleiti onol Bonds stroll provide for such ,tppro-
pri,,te addttionAl or l.,rger „mounts to he iiccunrul�tted--in the Contingency Fund
,,s deemed „d7vis,,b10 by the City (Jounctl, b„sed on ,n annual review of the
exnerienece ,s to the cost of repairs and repl:;cements to the Utility System
recessit,te-d by the occurring of emergencies and the recorrend,tion of g
Consulting L.r. f ineer. -' -- --
-� Lo p,yrvents need be made into the Contin['encir Fund .,iter there shell have
,ccun.ilated in s.id Fund the wrount of money then required to be orr deposit
therein, exc'ent th., t wlieneverany money is pa id out of said Fund, payrre-nt s into
ti;e Fund sha 11 be resumed ard continued until such time . s the Fund h, s been
restored to tl,e reouired sum.
"'he City's offici.Al Depository is hereby authorized to invest the norrey in
the- Uontingency Fi.md in direct obligations of --or ol)li'f7,ti.ons unconditionally
j;uargnteed by the United Btates Covermnent, having maturities not in excess of
fire (5) years from the d,te of the m.,king of such investments , as teh City
Council Tr4,7, direct. Any oblig,,tion--in vrhich mpney is so -invested shall be kept
in escrow in said Depository and shell be promptly sold and the proceeds of sole
npplied to the rn,kinL, of p„yrnents required to be made form the Contingency Fund,
whenever wTrch payments are required to be mgde under the foregoing provisions of
this 13rdinance.
(e) S''11,PI.US F1'NMSs All money remaining in the Utility System Revenue Fund
After the requirments of subsections (A), --(b), (c) and (d) -of this Section 13,
have bnen ret, -(Including any inerewsed"payments into the ofrires,,id Bond Fund,
Reserve Pund, and Continf;ency Fund as rngy be necess,ry by reason rrf the"isstr„nee of
,ddition,l Bonds in -the Future under the vrovYsions of this Ordingnce)-•and after
all dediciencies shall hove been made up and all replaemments mode, shall be either
used or accumul,ted for the making of improvements, extensions, ,nd odditions to
the Utility System, or ma',, in the dis crption of the City be used for any other
proner city purpose nota or hereafter perni+ted by 1„-rs including; the use thereof
in touring in ,tdv,nce of maturity any Additional Bonds then outstanding, in
Accord-Ance with--nrovisions m.,de for their prior rerdempti-on, or may he used to
porch„se--Bonds and Additional Bores on the open maeket at not exceeding the,
market -value thereof. 111 bonds so paid, red"ned or purchased shRll he cancelled
,,nd-•shall not be re -issued. Nothinf; iherein--sh,llbe construed, however, os
i,npairir!- the riEht of the Oity to pA-y in ..ccordance with the provisions thereof
any junior lien bonds lhereafter legally issued by it.
Section 14. Security for Funds. All montes which are to be paid into the
Depository'under the previsions of this Ordinance drill he secured in acccrrdAnce --
with the liras of the State of Texas applicable therto, ,rd the City covenants especi.,lly
that such money sh, 11 he--sonti_nuouily secured by A valid pledge of direct --
oblir,,tions of, or �31>li:L;attons unconditionally [;uargnteed by, -the -i nited States
crf America, havin(; q par v,lue,--or mw rket valise when less"th„n per, exclusive of
accrued interest, at -all times at least equal to the total amount of money on
denosit in the several funds in the Depository.
Section 1-5. Ad(litional Ponrts. In r,�dition to the right to issue bonds of inferior
lien As ,authorized by tl,e 1,tws o'f this Sts+e, the O`ity of Georgetown reservesthe
right to issue Additional Bonds from time to tir1e paygble from the net income and
revenues of its Utility System; orrd, when issued in compliance with low and the
terms ,nd conditions hereinafter gnge.,rin€, such Additi ono l Bonds shall be
eouolly secured by A first lien orr .,nd plesdp�e of the Pledged Revenues; and the
Additional Bonds, when issued, shall bn noygble from the Utility System Revenue
fonds Sinking and Interest Fund and shall be in Alt respects of equal dignity
,nd on g parity with the Bonds, PRODIVED that in each instances
(,R) The--Additiongk Bonds -are authorized i,-nd issued --in conformity with the
Constitution and ,pllic,ble Statutes of the--St,te of Texas; --
)b) '"he Bond Fund, the Peserve Fund, and the Contingency Fund contain the xmmxx
,mount of money then- requireri to be --on deposit therein and the City is in compliance
with x,11 crther--covenants and undert,kirrs in connection vrith all bonds then out-
st.,riding and p,yoble from the net revenues of the Utility S-%,rstem;