65-217 Ordinance - Laserfiche WebLink

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• ., ? ? ???r"" 4 -? , said Bond F1ind a reserve of at least $10,000. Mvneys paid•into the Bond Fund shall be allocated first to the Bond Payment Aacount to the extent necessary to meet the requiremments of items (1) aud (2) hereol., and then to the Reserve Account. Fbwcth, quarterly ss aPoreea3d, into the Bond Pluul such sum in addition to any of the Soregoing required payments thereto as may be neceasary and availsble af`ter meeting the requirements of the preceding Paragraph Third., to mke up any previous deficiency in any such . PaYmsnt. Fifth. To the "Surplus Iund" established in Paragraph Sixth of Section 4 of Ordinance No. 3146 authorizirig the Outstanding Issue, the annual surplus revenues permitted thereby to be so transferred, but only to the extent thdt such surplus revenues remain after the requirementi ' of the foregoing Paragraphs Third and Fourth of this Section 4 for the preceding calendar year have been ful.filled and adequete provisions .' mude to meet the current requirements of said paragraphs. The Bpnd F1uyd shall bemintained in the custod.y of the Trustee, who shall ° ' me,lsie the a7.].ocations herein required to be made to the Bond Payment Account , atsQ 8ond Reserve Account thsrein, and shall be used solaly for the paymnt of the principel end interest of the Improvement Bonds, and, to the extent provided in thia Ordinance, Por ttie redernption of Improvement Bonds or the purchase thereof for cancellation. Until required for such purpose, moneys in said Bond.Reserve Accaunt shall be invested in direct obligations of the United States maturing, or ,red.eemable by the hold.er, in not more than fYve years from date of investment, ' Vhen and ea directed by the Fiscal Officer of the Municipality, and moneys in eaiQ ]bnd Payment Account shall, when and as directed by said Fiscal 0#Yieer, be i.nveste8 in direct obligations of the United States maturing not later than tha interest payment date next Pollowing such investment, as to znoneys hel.d for interest, and not later than the pr3ncipal paymsnt date next follouring such investment, as to mneys held Por princ3pa1. IP at any time the Phunicipality sha11 have provided the Truetee with moneys sufficient, together with moneys and inveatments then in tho Bond Paya?ent Account and Bond Reserve Account of the Bond Fund, to retire in f1il.l on the next avail.able redemSption date any then outstanding Improvemeni Bonda, without thereby reducing the balance thereafter remaining in said Bond Paymenl Accaunt and Bond Reserve Account below the amount which on such ca11 date'would be required by this 8ection to be on hand therein rrith res:Qect to Improvement Bonds not to be so retired, the Trustee sha31 maYe available out of said Bond Paymsnt Account and Bond Reserve Account the amount required, together wi,th the other montys provided, to accompl3sh such retirement. Moneys in the Bond Reserve "?. Account of the Bond Flxnd at any time in excess of the amount required to maintain a balance therein at leasb equal to the sum of the interest payments and the ampunt of principal mturing within the ensuing twenty-four calendar months on all Improvemg Bonds then outstanding may be applied by the Municipality to retire Improvement Bonds by call or by purchase for cancellation. The CorLStruction Fund (1) sha.ll consist of the portion of the proceeds of the Imrovement Bonds provided for in the following section and such additional amQUnts as my be paid into eaid tluid by the Municipality, (2) shall be maintained by the