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twined separate and apart from all other funds of the City. Such Utility System
Revenue Fund shall be maintained so long as any Parity Bonds, or any Additional
Bonds, remain outstanding, in the City's official Depository, and shall be ad-
ministered as follows:,
(a) OPERATION AND IIAINTFNANCE EMNSFS: The money in the Utility System
Revenue Fund shall be used first for the payment of the reasonable and proper
expenses of operating and maintaining the Utility System, including salaries,
labor, materials, interest, repairs and extensions necessary to render efficient
service. The words "repairs" and "extensions" as used initis paragraph shall be
construed to refer only to such repairs and extensions, as in the ,judgment of the
governing body of the City, are necessary to keep the System in operation and ren-
der adequate service to the City and the inhabitants thereof, or such as might be n
necessary to remedy some physical accident or condition which would otherwise
impair the security of the Parity Bonds or any Additional Bonds%
(b) BOND FTND; The amounts to -be paid into the Utility System Revenue Bonds
Interest and Sinking Fund (already established and hereinafter called the "Bond
Fund") during each year in which any of the Parity Bonds, or any Additional Bonds,
are outstanding, shall be an amount equal to 100 per centum of the amount required
to meet the interest and principal payments falling due on or before the next
maturity dnte of the Parity Bonds or any Additional Bonds then outstanding. On
or before the 10th day of each month, after payments have been made as required
by subsection (a) of this Section 13, the City shall withdraw from the Utility Sys*
tem Revenue Fund and deposit in the Bond Fund an amount not less than the total
of: 112th of the next maturing installment of principal of the Parity Bonds then
outstanding, and of any additional Bonds then outstanding, and 16th of the next
semi-annual installment of interest on the Parity Bonds then outstanding and on
any Additional Bonds then outstanding. The monies in the Bond Fund shall be used f.
solely for the purpose of paying the interest on and the principal of the Parity
Bonds, and any Additional Bonds, until all such bonds have been retired. In
the event the income and revenues of the Utility System are insufficient in any
month to permit the required deposits into the Bond Fund in full accord with
the provisions hereof, then the amount of any deficiency shall be added to the
amount otherwise required to be deposited in said Bond Fund in the next month, U
until all deficiencies are rectified.
That concurrently with the delivery of the Bonds to the purchasers
thereof, all sums of money received from the purchasers as accrued interest
paid on the Bonds shall be placed in the Bond Fund.
(c) RFSFRVF FUND: Commencing June 10, 1966, and on or before the 10th
day of each month thereafter, after payments have been made as required by sub-
sections (a) and (b) of this Section 13, the City shall withdraw from the Utility
System Revenue Fund and deposit in the Utility System Revenue Bonds Reserve
Fund (already established and hereinafter called the "Reserve Fund"), in addi-
tion to the payments and deposits otherwise required to be made therein, the sum
of $341.00 until an additional debt service reserve of $24,495.00 on the out-
standing Bonds has been established, and thereafter, such sums monthly as may
be necessary to maintain the required reserve of $55,884.00 on the Parity Bonds.
The City covenants and agrees that in the event Additional Bonds are issued
as hereinafter provided, the Ordinance authorizing such Additional Bonds shall
provide for the payment into the Reserve Fund of such additional sums as
shall be necessary to permit an accumulation in the Reserve Fund, within six
years from the date of the Additional Bonds, as an additional reserve, of an amount