66-206 Ordinance - Laserfiche WebLink

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- 3 - and discharge of the Prior Mortgage, the term "Outstanding Issue" shall also mean any bonds that may hereafter be issued to refund or advance refund said original issue of bonds or any bonds issued on a parity therewith, provided that (a} the ordinance authorizing such refunding bonds shall have established special funds designated "Sewer Revenue Fund", "Debt Service Fund", "Debt Service Reserve Fund", "Replacement and Improvement Fund" and "Surplus Fund" serving the same purposes as the funds so designated under Ordinance No. 31+6, (b) like provision be made in such ordinance for distribution on January 15 of each year of surplus moneys in the Sewer Revenue r~.ind to said Surplus Fund, (c) the annual amounts originally required to be deposited under said ordinance to the Debt Service Reserve Fund shall not exceed 25'~ of the amount required that year to be paid into the Debt Service Fund, and (d) at the time of issuance of such refunding bonds there shall have been no default in the terms, con- ditions or covenants of the Outstanding Issue or the Improvement Bonds and the ordinances and indentures securing the same. lne Bond Fund shall be maintained in the custody of the Trustee, who shall make the allocations :~erein required to be made to the Bond Payment Account and Bond Reserve Accow.zt therein, and shall be used solely for the payment of tre principal and interest of the Improvement Bonds, and, to the extent provided in this Ordinance, for the redemption of Improvement Bonds or the purchase thereof for cancellation. Until required for such purpose, moneys ir. said Bond Reserve Account shall be invested in direct obligations of the United States maturing, or redeemable by the molder, in not more than five years from date of investment, when and as directed by the Fiscal Officer of the Municipality, and moneys in said Bond Payment Account shall, where and as directed by said ~:scal Officer, be invested in direct obligations of the United States maturing not later than the interest payment date next following such investment, as to moneys held for interest, and rot later trarl the principal payment date next following such investment, as to moneys held for principal. If at any time the Municipality shall have provided the Trustee with moneys sufficient, to- gether with moneys and investments t:~en ire the Bond Payment Account and Bond Reserve Account of the Bond Fl,:rld, to retire in full or. the next ~' available redemption date any then outstanding I.~rprovement Bonds, with- out thereby reducing: the balance thereafter rer,~•ining in said Bored Payment Account and Bond Reserve Account below the amount •rrhich on such call date would be required by tmzs Section to be on hand therein with respect to Improvement Bonds not to be so retired, the Trustee shall make available out of said Bond Pa .,ent Account and Bond Reserve Account the amount required, toget}per s•rith the other moneys pro~rlded, to accomplish such retirement. Moneys in the Bond Reserve Accowzt of the Bond Fund at any time in excess of the amount required to be maintained therein m~.y be applied by the ~Jiunicipality to retire Improvement Bonds by call or by purchase for cancellation. The Construction Fand (1) shall consist of the portion of the proceeds of the Improvement Bonds provided for in the following section azd such additional amounts as may be paid into said fund by the Municipality, (2) stall be maintained by the Municipality in a deposit account fully secured by direct obligations of t~?e United States, anc~a unt~.l r_ ~a„u~,red for ,,.:e purposes ~.erein iorovid~:~., may be ir_,vested by the Fiscal Officer ir. a w4~:ct obli rations of t'rle United States maturi r_g not later than the tir"ies r<a r::oneys therein are required far the paS~ent of the costs of the corn ~.ruc;ior. of the '_'ro ject, as certified py the Engineer, and ( 3 ) shall be .ppli~;a to Y s are requ~.red the ou~-poses for t.*h:;.ch the nrocee3s of tme Improvement Bond to be used under t'r_e foregoing sections of this Ordinance. ~aTi:en the can- struction of the Project is completed as certified by the ~'ngineer, `.: e