2023-057 - Laserfiche WebLink

Home Browse Search

the Debt Service Fund to pay the same, the City Administrator is directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for the advances out of the proceeds of Taxes and Assessments when collected. (b) Sewer Improvements Account. The City will continue to maintain and operate its sewer utility fund, to which will be credited all gross revenues of the sewer utility system (the "Sewer System"), and out of which will be paid all normal and reasonable expenses of current operations of such system. Any balances therein are deemed net revenues (the "Sewer Net Revenues") and will be transferred, from time to time, to the Sewer Improvements Account of the Debt Service Fund in an amount sufficient to pay the principal of and interest on the Sewer Improvement Bonds, which Sewer Improvements Account will be used only to pay principal of and interest on the Sewer Improvement Bonds, and any other bonds similarly authorized. There is also appropriated to the Sewer hnprovements Account (i) a pro rata portion of any amount over the minimum purchase price paid by the Purchaser, to the extent designated for deposit in the Debt Service Fund in accordance with Section 2.03 hereof; (ii) all investment earnings on funds in the Sewer Improvements Account; and (iii) any and all other moneys which are properly available and are appropriated by the City Council to the Sewer Improvements Account. The Administrator must report to the City Council any current or anticipated deficiency in the Sewer Improvements Account in the amount necessary to pay principal of and interest on all of the Sewer Improvement Bonds when due. If a payment of principal or interest on the Sewer Improvement Bonds becomes due when there is not sufficient money in the Sewer Improvements Account in the Debt Service Fund to pay the same, the City Administrator is directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for the advances out of the proceeds of Sewer Net Revenues of the Sewer System and taxes when collected. (c) Water Improvements Account. The City will continue to maintain and operate its water utility fund, to which will be credited all gross revenues of the water utility system (the "Water System"), and out of which will be paid all normal and reasonable expenses of current operations of such system. Any balances therein are deemed net revenues (the "Water Net Revenues") and will be transferred, from time to time, to the Water Improvement Account of the Debt Service Fund in an amount sufficient to pay the principal of and interest on the Water Improvement Bonds, which Water Improvements Account will be used only to pay principal of and interest on the Water Improvement Bonds, and any other bonds similarly authorized. There is also appropriated to the Water Improvements Account (i) a pro rata portion of any amount over the minimum purchase price paid by the Purchaser, to the extent designated for deposit in the Debt Service Fund in accordance with Section 2.03 hereof; (ii) all investment earnings on funds in the Water Improvements Account; and (iii) any and all other moneys which are properly available and are appropriated by the City Council to the Water hnprovements Account. The Administrator must report to the City Council any current or anticipated deficiency in the Water Improvements Account in the amount necessary to pay principal of and interest on all of the Water Improvement Bonds when due. If a payment of principal or interest on the Water Improvement Bonds becomes due when there is not sufficient money in the Water Improvements Account in the Debt Service Fund to pay the same, the City Administrator is directed to pay such principal or interest LA515-123-868187A