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• <br /> reserve for- emergencies . . All gross revenues from time to time <br /> received %in , excess of the amounts hereby appropriated .to the_ : <br /> Operation and, Maintenance Account are herein termed. the '.'Net <br /> Revenues <br /> 3 .03 . Revenue Bond Account. '. There is hereby <br /> established within the Liquor Store Fund a "Revenue Bond <br /> Account", to- which there shall be credited all accrued .interest <br /> received from the purchaser -of the Bonds. To this Account <br /> there shall also' be credited monthly out of the Net Revenues an <br /> amount ' equal- to at least one-sixth of the interest to become <br /> due on the next succeeding interest payment date plus <br /> one-twelfth- of the principal to become due on the next two <br /> succeeding interest payment dates on the Bonds and any other <br /> obligations which may, in accordance with the provisions of <br /> this resolution, be issued and .made payable from the Revenue <br /> Bond Account. Moneys in the Revenue Bond Account shall be used <br /> only for the payment of such principal and interest when due. <br /> So long as the Reserve Account created pursuant to Section 3 .04 <br /> hereof is fully funded, all Net Revenues remaining after <br /> satisfaction of the above requirements may be used for any <br /> lawful corporate purpose selected by the City Council. <br /> 3 .04 . Reserve Account . There is hereby established <br /> • within the Liquor Store Fund a "Reserve Account" . The Reserve <br /> Account shall be initially funded with $69 ,000 from the <br /> proceeds of the Bonds. Thereafter , all available Net Revenues <br /> remaining after the required monthly deposit to the. Revenue <br /> Bond Account shall be deposited in the Reserve Account until <br /> the balance the-rein equals $ , which is the maximum <br /> annual debt service due in any future fiscal year on the <br /> Bonds. The money in the Reserve Account shall be used to pay <br /> principal and interest on the Bonds payable from the Revenue <br /> Bond Account whenever , the amount on hand in the Revenue Bond <br /> Account is insufficient , but if used for such purpose it shall <br /> be restored to the required balance as soon as possible out of <br /> available Net Revenues. Should additional bonds payable from <br /> the Revenue Bond Account be issued pursuant to Section 3. 06 <br /> hereof, the City shall increase the balance in the Reserve <br /> Account to an amount equal to maximum annual debt service <br /> payable in any future fiscal year during . the remaining term of <br /> the bonds then outstanding on all bonds ( including the <br /> additional bonds) payable from the Revenue Bond Account. Such <br /> increase shall be funded to the .maximum .extent.-.feasible from <br /> the -proceeds of the additional bonds, and, to the extent <br /> necessary, from the periodic deposit of available Net Revenues. <br /> 3 . 05 . Issuance of Refunding Bonds. The City reserves <br /> the right 'and privilege of issuing and selling refunding <br /> • certificates or bonds if and to the extent needed to refund <br /> -15- <br />