10-82 Issue Hospital Improvement Bonds

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calendar month commencing in June, 1973, the equal monthly amount necessary for the payment of the principal of the Improvement Bonds to be retired on the next succeeding June 1 whether such retire- ment be at maturity or by mandatory sinking fund redemption. (B) Into the Interest Payment Sub- account of the Series 1982 Bonds' Account of the Debt Service Fund, on or prior to the twentieth day of each calendar month commencing February~ 1982, the equal monthly amount as shall be suf-- ficient to pay the interest due on the next ensuing interest payment date on the Series 1982 Bonds after first crediting against such monthly amount any amount of capitalized interest or other moneys then held in such Subaccount and to be applied to such monthly payment for interest; and into the Principal Payment Subaccount of the Series 1982 Bonds Account of the Debt Service Fund, on or prior to the twentieth day of each calendar month commencing in February, '1984, the equal monthly amount necessary for the payment of the principal of the Series 1982 Bonds to be retired on the next succeeding February 1, whether such retirement be at maturity or by mandatory sinking fund redemption. Third: (A) Into the Improvement Bonds Account of the Debt Service Reserve Fund, monthly on or prior to the twentieth day of each calendar month commencing with the month of March, 1972, the sum of $10,000 in each of the months from March to June, inclusive, in the year 1972; $20,000 in each of the months from July, 1972 to May, 1973, inclusive; and $10,000 in each of the months from June, 1973 to May, 1978, inclusive, together with all interest which is earned on the Debt Service Reserve Fund and Surplus Fund until a balance of $1,000,000 has been accumulated in said Improvement Bonds Account of the Debt Service Reserve Fund, provided that on the tenth day of each calendar month on and after June, 1978, any moneys in the Improvement Bonds Account of the Debt Service Reserve Fund in excess of 150 per cent of the payments required to be made on the Improvement Bonds in the next ensuing calendar year into the Improvement Bonds Account of the Debt Service Fund or $860,000, whichever is greater, shall be transferred at the direction of the Fiscal Officer to the Surplus Fund, and pro- vided further that commencing with the principal payment on June l, 1993 and thereafter the moneys on deposit in the Improvement Bonds Account of the Debt Service Reserve Fund shall be used for the payment of the principal of the Improvement Bonds to be retired on such date. (B) Into the Series 1982 Bonds Account of the Debt Service Reserve Fund at the time of the issuance of the Series 1982 Bonds, an amount equal to the maximum amount required to be paid into the Series 1982 Bonds Account of the Debt Service Fund in any year, provided that on -15-