Ordinances-1965-58

of the purposes specified herein, the sum of $50.00 shall again be paid into said Reserve Fund on the first day of each month in each year until the sum on deposit in said Reserve Fund has been restored to $6,000.00. All moneys credited to said Reserve Fund shall be used for the payment of the principal of and interest on the bonds authorized to be issued under the terms of this ordinance and bonds ranking on a parity therewith whenever for any reason the funds on deposit in the "Sewer Revenue Bond Sinking Fund" are insufficient to pay such principal and interest when due. If and to whatever extent additional bonds shall be issued ranking on a parity with the bonds herein authorized under the conditions set forth in Section ___8__ of this ordinance provision shall be made for increasing such payments into said Reserve Fund to create and maintain a reasonable reserve therefor. There shall be and there is hereby created a special fund to be known and designated as the "Depreciation, Extension and Improvement Fund" into which there shall be set apart and paid each year from the balance of the net earnings remaining after first making the required payments into the "Sewer Revenue Bond Sinking Fund" and the "Bond and Interest Reserve Fund" the sum of $50.00 on the first day of each month of each calendar year until the sum of $6,000.00 has been accumulated in said Depreciation Fund, and whenever the sum on deposit in said Depreciation Fund has been reduced to less than $6,000.00 by the expenditure of all or a portion of said funds for any of the purposes specified herein, the sum of $50.00 shall again be paid into said Depreciation Fund on the first day of each month in each year until the sum on deposit in said Depreciation Fund has been restored to $6,000.00. All moneys credited to said Depreciation Fund shall be used to pay any extraordinary cost of maintaining the works and facilities in an efficient operating condition or to repair the same, and to pay the cost of constructing additional works and facilities and sewage treatment plant or improvements or extensions. The moneys on deposit in said Depreciation Fund shall be transferred and credited to the "Sewer Revenue Bond Sinking Fund" whenever necessary to prevent or remedy a default in the payment of the principal of or interest on the bonds authorized to be issued under the terms of this ordinance or bonds ranking on a parity therewith, or shall be transferred and credited to the "Bond and Interest Reserve Fund" whenever any deficiency may exist in said Fund. That there shall be and there is hereby created a special fund to be known and designated as the "Surplus Fund" into which there shall be set apart and paid all of the net earnings remaining after first making the required payments into the "Sewer Revenue Bond Sinking Fund", the "Bond and Interest Reserve Fund" and the "Depreciation, Extension and Improvement Fund". All moneys credited to said "Surplus Fund" shall be transferred and credited to the "Sewer Revenue Bond Sinking Fund" whenever necessary to prevent or remedy a default in the payment of the principal of or interest on the bonds authorized to be issued under the terms of this ordinance or bonds ranking on a parity therewith, or shall be transferred and credited to the "Bond and Interest Reserve Fund" whenever any deficiency may exist in said Bond Reserve Fund, or shall be transferred and credited to the "Depreciation, Extension and Improvement Fund" whenever any deficiency may exist in said Depreciation Fund, and may be used to pay necessary operating and maintenance expenses, to pay the cost of additional sewage works and facilities and sewage treatment plant or improvements