3146 Ordinance - Laserfiche WebLink

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excess of $2, 500 from such Fun.d for ca,pital imps°ovements or add.itions to be acquired for cash, the Fiscal Officer sha11. first have received the approval thereof by an independent engineero Until required for such purposes, moneys in the Rep].acement and Itnprovement Fund may be invested in direc+ obligations of the United States maturing, or redeemable by the holder, in not more than five years f.rom the date of investmento The Debt Service Fund and Debt Service Resex°sre Fund shall be maintained in tYae custody of the Trusteey and slaall. be used solely for the pa,yment of the principal and interest of° the Bonds and, to the eac'tent protrided in tlais Ordina.nce, for the redemption of Bondso Until required fox° sueh purposes, moneys :in the Debt Service Reserve Fund shall be invested in clirect obligations of the United States maturing, or redeemable at the option of the halder, in not more than, five years froffi d+ste of investment, when 'and as directed by the Fiscal Officer of the Municipality, and ffioneys in the Debt Service Fund sha11, when and as directed by said Fiscal Of'ficer, be invested ian di.rect obligations of the United States maturing not later than the interest payment date next following such investment, as to moneys held for interest, and not later than the principal peynent date next fallowing such imrestment, as to moneys held for principalo If at any time the Municipality shall have provided the Trustee with moneys sufficient, together with moneys and investments then in the Debt 5ervice Fund and Debt Service Reserve Fund, to retire in fu11 on the next available :redemption date any then outstanding issue of Bonds, without thereby reducing the balance thereafter remaini,ng in said Debt Service Fund and Debt Service Reserve Fund below the amount which on such call date would be required by this 5ection to be on hand therein wi.th respect to Bonds not to be so retired, the Trustee ghall make available out of sai.d Debt Service Fund and Debt Service Reserve Fund the amaunt required, together with the other moneys provided, to accomplish such retiremento Mqneys in the Debt Sea-vice Reserve k'und at ar?y time in excess of the amQUnt from time to time required to be maintained thes°ein ma,,y be applied by the Municipality to retir.e Bonds by call or by purchase for caoneellationo The Surplus Fund shall be in the custody of the Municipality and shall, to the extent necessary, from time to time be transfei°red to the Debt Service Fund to permit the payment of a11 obligations payable from such Debt Sez°vice Fund without drawing upon the Debt 5ervice Resex-v-e Fund, and otherwise may be used for ar;y lawful Utility purpose, including extensions and improvements to the Utility or the retirement of outstancling Bonds by call or by purchase for cancelm latione Unti1 required for any of such puz°poses, moneys therein may be invested in direct obligations of° the United States maturing, or redeemable by the holder, in not more than ten years from date o#° investmento Any Bonds purchased for eancel.lation shall be purchased at a price not exceeding their then,prevailing ca7.l lDrice, if any, nor exceeding their fair market va].ue; provided, fihat in the case of purchase pf Bonds not then subject to call, such price shall nvt eacceed the par va1.ue thereofo 2f ?. . ? , _