RES 94044 - Laserfiche WebLink

money of the City available for such purpose, and the Authority and the City hereby pledge and grant a first lien on and a security interest in the Reserve Fund to the Trustee in order to secure the City's obligation to pay the Installment Payments scheduled to be paid by it hereunder if and when other money of the City is not available to make such Installment Payments. At the termination hereof, any balance of money remaining in the Reserve Fund shall be released from the foregoing pledge, lien and security interest and shall be transferred to such other fund or account of City or shall be otherwise used by the City for any lawful purpose as the City may direct. After accumulating in the Revenue Fund an amount equal to the semiannual deposits to the Installment Payment Fund and the Reserve Fund herein above required to be made in each Bond Year, the City shall transfer any remaining money in the Revenue Fund to the Surplus Fund, which fund is hereby created and which the City hereby agrees to maintain. Moneys in the Surplus Fund shall be applied for any costs of the Enterprise or any costs of providing the Water Service. Section 3.07. Certain Necessary Transfers. The parties hereto acknowledge that although all Contracts Bonds and Parity Bonds are secured equally and ratably by Net Revenues, debt service and other funds with respect to obligations other than the Bonds may be held by the Trustee or by trustees other than the Trustee under documents and agreements other than the Trust Agreement and the Installment Purchase Contract, and the Installment Purchase Contract and the Trust Agreement impose no obligations upon the Trustee with respect to such other obligations. The Treasurer is hereby authorized to make such transfers from the Water Revenue Fund necessary to effectuate such obligations' parity claim on Net Revenues contemplated hereby. ARTICLE IV ADDITIONAL CONTRACTS AND BONDS Section 4.01. Additional Contracts and Bonds. The City may at any time issue any Parity Bonds the payments under and pursuant to which, or execute any Contract the payments under and pursuant to which, as the case may be, are payable from the Net Revenues on a parity with the payment by the City of Installment Payments as provided herein; provided: (a) Theaudited Net Revenues for any period of twelve (12) consecutive calendar months within the twenty-four (24) calendar month period next ~receding the date of the adoption by the City Council of the City of the resolution authorizing the issuance of such Parity Bonds or the execution of such Contract, as the case may be, as evidence by both a calculation prepared by the City and a special 10 9406701W. LA 1