65-217 Ordinance - Laserfiche WebLink

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. . Ls-d?-7. . ? '4- ? seid Bond Furid a 1'rserve of at least $10.,000. Moneys paid into the Bond FLnd shall be a1.l.ocated tirst to the Bond Payment Account to tha extent necessary to meet the requirements of items (1) a,nd . (2) hereof, and then to the Reserve Account. Fourth. Qusxterly as aforesaid, into the Bond Fund such sum in addition to any of the foregoing required payments thereto as may be necessary ard available af'ter meeting the requirements of the preceding Paragraph Third, to make up any previous deiYciency in any such paymsnt. • Fifth. To the "Surplus Fluid" established in Paragraph Sixth of Section 4 of Ordinance No. 3146 authorizing the Outstanding Issue, the annual surplus revenues permitted thereby to be so transferred, but only to the extent that such surplus revenues remain after the requirements of the foregoing Paragraphs Third and Fourth of this Section 4 for the preceding calendar year have been flil.filled and adequate provisions _ mede to meet the current requirements of said paragraphs. The Bond k1u1d shall bemintained in the custod.y of the Trustee, who shall make the allocations herein required to be made to the Bond Payr.ient Account . and Bond Reserve Account therein, and shall be used solely for the paymnt of the principal and interest oP the Improvemnt Bonds, and, to the extent provided 3n this Ordinance, for the redemption oP ImprovTement Bonds or the Purchase thereof for cancellation. Until required for such purpose, moneys in said Bond Reserve Account ehall be invested in direct obligations of the United States maturing, or redeeme?ble by the holder, in not more than five years from date of investmnt, vhen and ea directed by the Fiscal Officer of the Nkulic3rality, and moneys in said Bond Payment Account shall, when and as directed by sald Fiscal OPPicer, be invested in direct oblige.tions of the United States maturing not later than the intorest paymsnt date next follow3nU, such investment, as to moneys held for interest.. and not lat.er than the principal pa,yment date next following yuch investment, as to moneys held for principal. IP at any time the Pfimicipality sha7.l have prrnrided the Trustee with moneys suPfi,cient, together with moneys and investments then,in the Bond Payment Account and Bond Reserve Account of the Bond Fund, to retire in f1u1.1 on the next availa.ble redemption date any then outstanding 7mprovemsnt Bonda., vithout thereby reducing the balance thereaf'ter remaining in said Bond Payment Account and Bond Reserve Account below the amQUnt which on such ca11 date'would be required by this Section to be on hazid therein with respect to 7mprovement Honds not to be so retired., the Truatee shall make available out oP said Bond Payment ; Account and. Bond Reserve Account the amount required, together with the other , moneye provided, to accomplish such retirement. Moneys in the Bond Reserve Aceount oP the Bond Fund at any time in excess of the amount required to maintain a balance therein at least equal to the sum oP the interest payments and the amount of principal maturing within the ensuing tt•renty-four calendar months on all Improvema Iionds then outstanding may be applied by the Municipality to retire Tmprovement Bonds by call or by purchase for cancellation. ' The Construction F.ind (1) shall consist of the portion of the proceeds of the Improvement Boruls provided for in the following section and such additione,l am4unts . as imy be paid into said fLuid by the Municipal.ity, (2) shall be maintained by the c; _ .