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<br />and discharge of the Prior Mortga,ge, the term "Outstanding Issue"
<br />sha,l.l also mean any bonds that may hereafter be issued to refund or
<br />advance refund said origina.l issue of bonds or any bonds issued on
<br />a pa,rity therewith, provideci that (a) the ordi.nance authorizing such
<br />refunding bpnds shall have established special funds designated
<br />"Sewer Revenue Fund", "Debt Service Fund", "Debt Service Reserve
<br />Fund", "Replacement and Improvement Farid" and "aurplus Fund" serving
<br />the same purposes as the funds so designated under Ordinance No. 3146,
<br />? (b) like provision be made in such ordinance for distribution on
<br />January 15 of each year of surplus moneys in the Sewer Revenue Fund
<br />to said Surplus Fund, (c) the annual amounts originall,y requ3.red to
<br />be deposited under said ordinance to the Debt Service Reserve Fund
<br />shall not exceed 25`jo of the amount required that year to be paid
<br />? into the Debt Service Fund, and (d) at the time of issuance of such
<br />refunding bonds there shall have been no default in the terms, can-
<br />ditions or covenants of the Outstanding Issue or the Improvement
<br />Bonds and the ordinances and indentures secuxing the same.
<br />, The Bond Fund shall be ma.intained in the custody of the Trustee,
<br />who shall make the allocations herein required to be made to the Bond
<br />Payment Account and Bond Reserve Account therein, and shall be used
<br />solely for the payment of the principal and interest of the Improvement
<br />l3onds, and, to the extent provided in this Ordinance, for the redemption
<br />of Improvement Bonds or the purchase thereof for cancellation. t3ntil
<br />required for such purpose,.moneys in said Bond Reserve Account shall be
<br />invested in direct obligations of the United States maturing, or redeemable
<br />by the holder, in not more than five years from date of investment, when and
<br />as directed by the Fiscal Officer of the Municipality, and moneys in said
<br />Bond Fayment Account shall, wh.en and as directed by said FYscal Officer, be
<br />invested in direct obligations of the United States ma,turing not l.ater than
<br />the interest payment date next following such investment, as to moneys held
<br />for..interest, and not later than the principal payment date next following
<br />such investment, as to moiieys held for principal. If at any time the
<br />Municipality shall have provided the 'I`rustee with moneys sufficient, to-
<br />gether with moneys and investnients then in the Bond Payment Account and
<br />Bond Reserve Account of the Bond Fznd, to retire in full on the next
<br />available redemotion da.te any then outstanding Improvenent 3onds, with-
<br />out thereby reducing the balance thereafter rema,ining in said Bond
<br />Payment Account and Bond Reserve Account below the amount which on such
<br />ca,11 date*would be required by this Section to be on hand therein with
<br />respect to Improvement Bonds not to be so retired, the Trustee shall
<br />z7ake available out of said Iiond Payment Account and Bond Reserve Account
<br />the amount required, together with tYie other moneys provided, to accomplish
<br />such retirement. Moneys in the Bond Reserve Account of the Bond Fund at
<br />any time in excess of the amount required to be maintained therein may be
<br />applied by the Municipality tv retire Improvement Bonds by call or by
<br />'purchase for cancellation. .
<br />The Construction Rxnd (1) shall consist of the portion of the proceeds
<br />af the Imorovement I3onds provided for in the following sectian and such
<br />additional amounts as may be paid into said fund by the A'tunicipality, (2)
<br />shall be maintained by the Municipality in a deposit account fu11y secured
<br />by direct obligations of the United States, and, until required for the
<br />purposes herein provided, rnay be invested by the F`,iscal Officer in direct
<br />' obligations of the United States maturing not later than the times the
<br />moneys therein are required for the payment of the costs of the con.struction
<br />? of the Project,,as certified by the Engineer, and (3) shall be applied to
<br />the purposes for which the proceeds of the Improvement Bonds are required
<br />to be used under the foregoing sections of this Ordinance. When the con-
<br />struction of the Project is completed as certified by the Engineer, the
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