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HomeMy WebLinkAbout02100necessary equipment for, or making necessary replacements or re- pairs and capital improvements to the System, or Second, the purpose of refunding; or purchasing, and retiring; at or prior to their maturity any outstanding revenue bonds or coupon warrants of the City that may have a lien upon the money in the Water Fund for the payment of the principal thereof and interest thereon junior and inferior to the lien on such Fund for the payment of the principal of and.interest on the Outstanding Parity Bonds and the Bonds, to issue additional or refunding Future Parity Bonds therefor and to create a special fund or funds for the payment of the principal thereof and interest thereon into which fund or funds payments may be made out of the Water Fund sufficient to pay the principal of and interest on such additional or refunding Future Parity Bonds and to maintain the reserves required therefor, which such payments may rank equally with the payments out of such ';later Fund into the Par.•it,y Bond Redemption Fund, the 1967 Bond Redemption Fund and the Reserve Account, upon compliance with the following conditions: (1) That at the time of the issuance of such additional or Parity refunding; Future Parity Bonds there is no deficiency in the/Bond Re- demption Fund, the 1967 Bond Redemption Fund and the Reserve Account or in any bond redemption fund and reserve account which may have been created to pay and secure the payment of the principal of and interest on any revenue bonds issued on a parity with the Outstanding Parity Bonds and the Bonds and prior to the issuance of .such additional or refunding Future Parity Bonds. (2) That the ordinance providing for the issuance of such additional or refunding Future Parity Bonds and providing for the pay- ment of the principal thereof and interest thereon out of a bond redemption fund shall create a reserve account in such bond redemption fund for the purpose of making up any deficiency therein, and such ordinance shall further provide for the payment into such reserve account 12.