RES 67055 - Laserfiche WebLink

ing the Series A Bonds which are subject to redemption pursuant to the provisions of Section 2.03 hereof; and the Fiscal Agent shall during each twelve-month period beginning with the twelve-month period ending on May 1, 19~3, pur- chase or call and redeem (as herein provided) an aggregate principal amount of bonds equal to at least the amount stated in the preceding paragraph for such twelve-month period. The City hereby covenants and agrees with the holders of the Series A Bonds to call and redeem Series A Bonds from the Series A Sinking Fund Account pursuant to this paragraph (2) and pursuant to said Section 2.03' whenever on the fifteenth day of any March, beginning in March, 1983, there are moneys in the Series A Sinking Fund Account available for said purpose as in this paragraph (2) provided. The amount estimated by the Fiscal Agent to be received from Revenues into the Series A Sinking Fund Account between the fifteenth day in March and the next succeeding interest payment date shall not be in excess of one-fifth the amount actually deposited in the Series A Sinking Fund Account since the last preceding interest payment date. If the amount estimated to be so received into the Series A Sinking Fund Account is not actually received on or before the interest payment date on which the same is to be applied by the Fiscal Agent for the redemp- tion of Bonds called on such interest payment date, the deficiency shall be made up by temporary borrowing by the Fiscal Agent from the Reserve Account, to be repaid from the first Revenues thereafter received by the Fiscal Agent, when and if such Revenues are received by the Fiscal Agent. The Fiscal Agent shall be amder no liability in making such estimate or using or applying moneys (including borrowings from the Reserve Account) based upon such estimate of moneys to be available in the Series A Sinking Fund Account as herein pr~ovided. (3) Maintenance and Operation Account. The City shall deposit in the Maintenance and Operation Account to be held by'it in the Water Operations Fund of the City on May 1, 1967, the sum of $12,000. The Fiscal Agent shall set aside monthly out of the Revenue Fund and transfer to the Director of Finance for deposit in the Maintenance and Operation Account all moneys in the Revenue Fund which shall be required to pay the annual amount budgeted by the City for maintenance and operation costs of the Enterprise during the then current fis~ar. The City shall file with the Fiscal Agent upon delivery of and payment for the Series A Bonds a budget covering the estimated maintenance and operation costs of the Enterprise for the remainder of fiscal year 1966-67, and thereafter, before the first day of each fiscal year, commencing with the fiscal year beginning July 1, 1967, a budget covering the estimated maintenance and operation costs of the Enterprise for the next ensuing fiscal year. The Fiscal Agent shall determine upon the basis of each such budget the amounts of money to be transferred to the Maintenance and Operation Account. The Fiscal Agent shall be entitled to rely upon each such budget and shall not be required to determine or verify the accuracy thereof. The Fiscal Agent shall pay