66-206 Ordinance - Laserfiche WebLink

Home Browse Search

. . - 3 - and discharge oP the Prior l+brtgage, the term "Outstanding Issu+e" shall also mean any bonds that may hereafter be issued ':o refund or advance refund said original issue of bonds or any bonds issued on a parity therewith, provicLed that (a) the ordinance autr,orizing such refunding bonds shall have established special funds designated "Sewer Revenue F1.ind","Debt Service Fnd","Debt Service Reserve F1.u7d", "Replacement and Improvement FLuid" ar.d "Surplus Fluid" serviig?' the same purPoses as the Runds so designated under Ordinance No. (b) like provision be me,de in such ordinance for distribution on January 15 of each year of surplue moneys in the Sewer Revenue F1uid to said Surplus PLind, (c ) the annua.l amounta origir,ally requi.red to be deposited under said ordinance to the Debt Service Reserve Fl.ind shall not exceed 25% oP the amQUnt required that year to be paid ? into the Debt Service Fu?d, and (d) at the time of issuance of such refunding bonde there shall have been no c'iefault in the terme, con- ditiona or covenants of tha Outstanding Issue or the Improvement Bonds and the ordinancea and indenturea securing the same. The Bond Fund ahall be maintained in the custody of the Trustee, whO 8ha11 malc,e the allxations herein required to be made to the Bond Payment Account and Bond Aaserve Account therein, and shall be used solely for the paytoent of the principal and intereat of the Inprovement Bonds, ang, to the lxtent provided in this Ordinance, for the reclamption oY Inprovenrent Bonda or the purchase thereof for cancellation. Uitil required for such purpoee, maneys in said Bond Reserve Account ehall be invested in direct obligationa of the United States maturing, or redeemable by the holcler, in not more than five yrears from date of investment, When and as directed by the Fiscal Officer of the Municipality, and moneys in said Bond Pqyment Account shall, when and as directed by said Fiscal Officer, be inveated in direct obligations of the United States maturing not later than the interest payment date next SolloWinB such investment, as to moneys held for intereat, and not later than the principal yme?t a dat?n?i???he?? such inv?estmant, aa to moneYs held for princi . Munieipality shall have provicLed the Trustee s+ith moneys suffYcient, to- gether `rl.th moneYs and investments then in the Bond Payment Account and Bond Reserve Account of the Bond Flind, to retire i?o?n??????th- available redemption date any then outstandin8 Iap, out thereby reducing, the be?lance thereafter remaining in said Bond Payment Account and Bond Reserve Account belrn+ the amount which on such cau date woula be required by thta Section to be on hand therein with respect to Iacprovement Bonaa not to be so retired, the Trustee shall make available out of said Bond Payrnent Account and Bond Reserve Account the amount required, together with the other moneys provided, to accomplish such retirement. Moneys in the Bond Reserve Account of the Bond Fnd at az?y time in excess of the amount required to be maintained therein my be applied by the Municipality to retire Improvement Bonds by call or by purchase for cancellation. The Constructfon rlUnd (1) shall consist of the portion of the proceeda of the Improvement A3onds provided for in the following section and such additional araQUnts as mey be paid into said fund by the Municipality, (2) shall be maintained by the Municipslity in a deposit account fully seeured by direct obligationa of the 'Jnited 3tates, and, until required for the purposes herein provided, may be invested by the FYscal Officer in direct obligations of the United States roaturing not later than the times the ` moneys therein are required for the pa,yment of the costs of the construction of the Project, as certified by the Eangineer, and (3) sha11 be applied to . the purposes for which the proceeds of the Itaprovement Bonds are required to be used under the foregoing sections of this Ordinance. When the eon- struction of the Project is completed as certified by the Fngineer, the