HomeMy WebLinkAbout01888the city hereby covenants and agrees that it will net aside and pay
into the Reserve Account out of the money in the Olympic Gravity
Water Fund and out of any other money which it may now or later have
on hand and available for such purpose, the sum of at least $ 50 per
month commencing with the month of December, 1959, so that by December
1, 1964, the sum of $210000 shall have been paid into such Account.
The city further covenants and agrees that it will retain the sum
of at least $4,000_in the reserveaccount created by Section 9 of
Ordinance No. _l33_Q, and that on April 1,'1966 it will tr_ ans r said
$4,000 to the Reserve Account created in this section.
The city further covenants and agrees, when said sums of
$210000 and.$4,000, respectively, have been paid into the Reserve
Account, that it will at all times maintain the sums of $21,000 and
$25000 therein as above provided until tk:ure is a suificiert amount .
in the 1959 Bond Redemption Fund and Reserve:�kccount to pay the
principal of, premium if any,. and interest on all of the Bonds out-
standing,, at which time the money in the Reserve Account may be
used to pay such principal, premium if any, and interest.
In the event the moneys in the 1959 Bond Redemption Fund
over and above the amount therein set aside and credited to the Re-
serve Account are insufficient to meet maturing installments of
either interest on or principal of and interest on the Bonds out-
standing, -such deficiency shall be made up from the tteserve Account
by the withdrawal of cash therefrom. Any deficiency created in the
Reserve Account by reason of any such withdrawal shall then be made
up from money in the Olympic Gravity Water Fund first available &ter
making necessary provision for the required payments into the 1959
Bond Redemption Fund.
All moneys in the Reserve Account above provided for may .
V be kept in cash or invested in direct obligations of the United States
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