RES 67055 - Laserfiche WebLink

3O to the Director of Finance for the account of the Maintenance and Qperation Account on or before the fifth day of Sune, 1967, an amount equal to said amount budgeted by the City for maintenance and operation costs of the Enterprise for the remainder of fiscal year 1966-67, and thereafter on or before the fifth day of each month an amount equal to at least one-twelfth of said amount budgeted by the City for maintenance and operation costs of the Enterprise for such current fiscal year, until there shall have been paid over to the Director of Finance an amount equal to the total of said budgeted amount for said current fiscal year. The Director of Finance shall certify to the Fiscal Agent before the fifth day of each fiscal year, ~eginnlng in July, 1968, the balance in the Maintenance and Operation Account on the first day of each said fiscal year, and the Fiscal Agent shall pay to the Director of Finance on or before the fifth day of each fiscal year, beginning in July, 1958, an additional amount sufficient to increase the balance in the Maintenance and Opera- tion Account to a sum equal to at least one-quarter of said amount budgeted by the City for maintenance and operation costs of the Enterprise for the current fiscal year. (4) Reserve Account. On or before the fifth day of each month beginning in June, 1967, the Fiscal Agent shall deposit in the Reserve Account such amount of Revenues as shall be required to maintain the Reserve Account (the initial pay- ment into which is provided for in Section 3.02(b) hereof) in the full amount of the Maximum Annual Debt Service or such larger amount as shall be required to be maintained on deposit in the Reserve Account by any Supplemental Resolution. No deposit need be made into the Reserve Account so long as there shall be in the Reserve Account a sum eflual to at least the amount required by this paragraph to be on deposit therein. Ail moneys in the Reserve Account shall be used and with- drawn by the Fiscal Agent solely for the purpose of paying the principal of and interest on the Bonds in the event that no-other moneys of the City are available therefor, or for the mandatory call and redempti, on of Bonds from the Principal and Sinking Fund Account, or for payment or redemption of all Of the Bonds outstand- ing. So long as the City is not in default hereunder, any amount in the Reserve Account in excess of said required amount shall .be withdrawn by the Fiscal Agent from the Reserve Account and deposited by it in the Revenue Fund. (5) Surplus ,4ccount. All moneys remaining in the Reve~._nue Fund on the fifth day of each month, after setting aside and transferring all of the sums required to be set aside or transferred by the Fiscal Agent by the provisions of Sections 4.03(1), (2), (3) and (4) hereof, shall be transferred by the Fiscal Agent to the Director of Finance for deposit in the Surplus Account to be maintained by the City in the Water Operations Fund of the City. All moneys in the Surplus Account shall be used and withdrawn by the Director of Finance, as directed by the Council, for any or all of the following purposes, exclusively: (a) To pay maintenance and operation costs of the Enterprise for the current fiscal year for which no adequate budgeted amount was provided by the City;