HomeMy WebLinkAbout01766receipt thereof and in no event later than ten days prior to
April first and October first of each year hereafter.
Whenever there is sufficient money in the 1956 Bond Re-
demption Fund and the Reserve Account hereinafter created to pay the
principal of and interest on, and premium if any, on the Bonds out-
standing, then no further payments need be made into such Bond Re-
demption Fund, and all of such money must then be used to redeem
and retire all of the Bonds outstanding.
The payments heretofore pledged to be made into the 1956
Bond Redemption Fund and the Reserve Account hereinafter created
therein are hereby declared to be a prior lien and charge upon such
rental payments, sale proceeds, or any and all moneys which the
city may receive from its own use and operation of the Leased System
superior to all other charges of any kind or nature whatsoever.
Section 10. That there be and is hereby created a
Reserve Account in the 1956 Bond Redemption Fund, which Account
is to be drawn upon for the sole purpose of making up any deficiency
in the Bond Redemption Fund.
The Lease provides that the rental for the first year
of the lease term in the sum of $111,158.50 and the rental for
the thirtieth year of the lease term in the sum of $114,496.50
be paid in advance, which payment will be made on or before
May 1, 1956, and further provides that on and after March 15,
1957 rents shall be paid in advance in semiannual installments
on or before March fifteenth and September fifteenth of each and
every year through September 15, 1984.
The city hereby agrees that it will set aside and credit
to the Reserve Account, and the Trustee is hereby authorized and
directed to set aside and credit to the Reserve Account, the rental
for the thirtieth year of the lease term in the sum of $114,496.50.
15.