Ordinance 99-72 - Laserfiche WebLink

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next succeeding Payment Date. Subject to the terms and provisions of the Code and the preceding paragraph, all income and earnings received from the investment and reinvestment of the moneys on deposit in the Debt Service Fund shall remain on deposit in the Debt Service Fund and be used in the same manner as other moneys on deposit therein. (c) Disposition of Pledged Revenues. Not later than the fifteenth day of each month commencing July 15, 1999, the City shall deposit in the Debt Service Fund the proceeds of the Utilities Tax in an amount equal to one-quarter (1/4) of an amount sufficient to pay the principal of and interest becoming due on the 1999 Bond on October 1, 1999, and beginning October 15, 1999 in an amount equal to one-quarter (1/4) of the principal of and interest becoming due on the 1999 Bond on the next Payment Date, and shall further cause to be deposited into the Debt Service Fund one business day prior to each Payment Date the proceeds of the Utilities Tax in an amount necessary to satisfy any deficiency in the Debt Service Fund on such date; provided, however, that such deposit of the interest and principal amount shall not be required to be made to the extent that moneys on deposit in the Debt Service Fund are sufficient for such purpose. The City covenants to deposit, on the business day prior to the Maturity Date, the proceeds of the Utilities Tax (or other legally available moneys) into the Debt Service Fund in an amount sufficient to pay the outstanding principal of and interest on the 1999 Bond. The provisions of this subsection are in addition to the requirements of Section 3.3(c) of the 1998 Bond Ordinance regarding the disposition of the proceeds of the Utilities Tax. (d) Levy of Utilities Tax. Without the prior written consent of the Bank, the City will not repeal, amend or modify the Utilities Tax Ordinance in any manner so as to (i) impair or adversely affect the power and obligation of the City to levy and collect the Utilities Tax, or (ii) impair or adversely affect in any manner the pledge of the Utilities Tax made herein. Without the prior written consent of the Bank, the City will not change, revise or reduce the Utilities Tax if, in the opinion of the City Manager, such change, revision or reduction will result in producing less Pledged Revenues unless, in the opinion of the City Manager, such rates, fees and charges as so changed, revised or reduced will produce sufficient Pledged Revenues to comply with the requirements of the next succeeding paragraph. Subject to the foregoing provisions of this Section, from time to time and as often as it shall appear necessary the City shall revise the Utilities Tax as may be necessary or proper in order that the Pledged Revenues shall at all times be sufficient in each fiscal year of the City to provide an amount at least equal to one hundred ten percent (110%) of the principal and interest requirements on the 1999 Bond and the City's outstanding Utilities Tax Revenue Bond, Series 1998 becoming due and payable during such fiscal year. The City covenants that, if the total amount of Pledged Revenues realized in any fiscal year of the City shall be less than the amounts referred to above for such fiscal year, it shall, before the 15th day of November of the following fiscal year, take such actions as shall enable the City to comply with the coverage requirements of this Section during such following fiscal year. (e) Enforcement of Collections. The City will diligently enforce and collect the Utilities Tax, will take steps, actions and proceedings for the enforcement and collection of such 15