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• 4.01. Capital Expenditures Account. There is hereby established within <br /> the Liquor Enterprise Fund a "Capital Expenditures Account," into which shall be <br /> paid all of the proceeds of the Bonds with the exception of accrued interest paid by <br /> the purchaser at the time of delivery of the Bonds. There shall be charged to and <br /> paid from this Account all, but only, the items of capital expenditures to be made for <br /> the Project as described in Section 1.02 hereof, provided that upon completion of the <br /> Project any moneys remaining in said Capital Expenditures Account shall be <br /> transferred to the Operation and Maintenance Account described below. <br /> 4.02. Operation and Maintenance Account. There is hereby established <br /> within the Liquor Enterprise Fund an "Operation and Maintenance Account," to <br /> which there shall be charged and from which there shall be paid all, but only, those <br /> items of disbursement which, by generally accepted accounting principles, constitute <br /> normal, reasonable and current costs of operation and maintenance of the Liquor <br /> Enterprise, including compensation of Liquor Enterprise employees, insurance, <br /> utility services and costs of maintenance of a reasonable stock of merchandise, but <br /> excluding allowance for depreciation, capital improvements, extraordinary repairs <br /> and debt service. All moneys received by the City from its ownership and operation <br /> of the Liquor Enterprise, including any addition thereto and improvement thereof <br /> and including all receipts from the sale of intoxicating liquor and from the sale of <br /> other merchandise and services on Liquor Enterprise premises, and from the rental <br /> of any portion of the Liquor Enterprise, and from the sale of equipment or <br /> • furnishings purchased for the Liquor Enterprise and not needed to be retained, are <br /> herein called "gross revenues" and shall be paid into the Liquor Enterprise Fund <br /> and apportioned monthly to the several accounts therein. Upon each such <br /> apportionment there shall be credited to the Operation and Maintenance Account <br /> such portion of the gross revenues as shall be needed, together with the balance <br /> then on hand therein, to pay all claims then due and to become due within the <br /> succeeding month in respect of expenses of operation and maintenance, including a <br /> reasonable reserve for emergencies. All gross revenues from time to time received <br /> in excess of the amounts hereby appropriated to the Operation and Maintenance <br /> Account are herein termed the "Net Revenues." <br /> 4.03. Revenue Bond Account. There is hereby established within the <br /> Liquor Enterprise Fund a "Revenue Bond Account," to which there shall be credited <br /> all accrued interest received from the purchaser of the Bonds. To this Account there <br /> shall also be credited monthly out of the Net Revenues prior to January 1, 1998 an <br /> amount equal to at least one-fifth of the interest to come due on January 1, 1998, and <br /> thereafter, an amount equal to at least one-sixth of the interest to become due on the <br /> next succeeding interest payment date plus one-twelfth of the principal to become <br /> due on the next two succeeding interest payment dates on the Bonds and any other <br /> obligations which may, in accordance with the provisions of this resolution, be <br /> issued and made payable from the Revenue Bond Account. Moneys in the <br /> Revenue Bond Account shall be used only for the payment of such principal and <br /> • <br /> -15- <br />