HomeMy WebLinkAbout01770make such payments into the Transmission Line Replacement Fund
shall be terminated, and the custody of the moneys in such Fund or
other assets thereof may be returned to the city by the Trustee at
the discretion of the city. In such event, the city hereby covenants
and agrees that any such money in such Fund may be used, if necessary,
to pay the principal of and interest on the Bonds as the same shall
become due.
The city agrees that on or before March first of each
calendar year it will prepare or cause to be prepared a statement of
the status of such Fund for the preceding calendar year containing,
but not being limited to, a statement of the amount of money in the
Fund at the close of the year, the amount of such money invested{ the
nature of such investments, and the payments made into and withdrawals
made from such Fund during such calendar year.
The city further agrees to give the Trustee at least thirty
days' notice in writing of any withdrawals that will be made from
such Fund, and such payments out of the Fund shall only be made upon
receipt by the Trustee of monthly estimates, requisitions or vouchers
signed by the City Engineer and approved by the City Council and con-
taining the same information and being accompanied by the same docu-
ments as required in Section 8 hereof for payments to be made out of
the Construction Fund. Any assets of or money left in such Replacement
Fund at the end of any Crown Zellerbach Corporation lease term shall
be returned to the city by the Trustee.
All moneys in the Transmission Line Replacement Fund may be
kept 1n cash or invested from time to time in bonds or other direct
obligations of the United States of America maturing not later than
twelve years from date of purchase and in no event later than the
year 2000. Interest earned on any such investments shall remain in
and be credited to such Fund, except that the Trustee's fees for its
services as Trustee of this Fund for the city shall first be paid
from said interest.
19.