Ordinances-1965-58

There shall be and there is hereby created a special fund to be designated as the "Operation and Maintenance Fund" into which on the first day of each month there shall be set apart and paid an amount which with any unexpended balance therein is considered necessary and sufficient to pay the reasonable current expenses of operating, repairing and maintaining said works and facilities for the current month, and said fund shall be used and disbursed only for that purpose. There shall be and there is hereby created and there shall be maintained an account to be known as the "Sewer Revenue Bond Sinking Fund", sometimes hereinafter referred to as the "Sinking Fund", into which there shall be set aside from the future net earnings of said works and facilities such portion thereof as will be sufficient to pay the interest upon and principal of the bonds at any time outstanding as the same become due, and it is hereby determined, covenanted and agreed that the minimum amount to be so set aside into said Sinking Fund during each month of each year shall be not less than as follows: A sum equal to one-twelfth (1/12th) of the principal of all bonds maturing on the January 1 next succeeding plus a sum equal to one-sixth (1/6th) of the interest becoming due on the next succeeding interest payment date on all of the then outstanding bonds issued pursuant to this ordinance and bonds ranking on a parity therewith. Such payments into said Sinking Fund shall be made in equal monthly installments as hereinbefore provided on the first day of each month, except that when the first day of any month shall be a Sunday or a legal holiday, then such payments shall be made on the next succeeding secular day. Such Sinking Fund shall be used solely and only and is hereby pledged for the purpose of paying the interest on and principal of said bonds and bonds ranking on a parity therewith and for no other purpose. If and to whatever extent additional bonds are issued ranking on a parity with the bonds herein authorized, under the conditions and restrictions set forth in Section 8 of this ordinance, provision shall be made for increasing such payments into said Sinking Fund to meet maturing installments of principal of and interest on such additional bonds. If at any time there be a failure to pay into said Sinking Fund the full amount above stipulated, then an amount equivalent to the deficiency shall be set apart and paid into said Sinking Fund from the net earnings of said works and facilities as soon as available and same shall be in addition to the amount otherwise required to be so set apart and paid into said Sinking Fund. There shall be and there is hereby created a special fund to be known and designated as the "Bond and Interest Reserve Fund" into which there shall be set apart and paid from the balance of the net earnings remaining after first making the required payments into the "Sewer Revenue Bond Sinking Fund" the sum of $50.00 on the first day of each month in each year until the sum of $6,000.00 has been accumulated in said Reserve Fund, or until such time as all of the bonds herein authorized and bonds ranking on a parity therewith have been paid in full as to both principal and interest or funds sufficient therefor have been set aside and pledged for that purpose, and whenever the sum on deposit in said Reserve Fund has been reduced to less than $6,000.00 by the expenditure of all or a portion of said funds for any