Deposits into Utility Fund; Transfers to Make Installment Payments. All of the Gross Revenues shall be deposited by the District immediately upon receipt in the Utility Fund, which fund is hereby continued in the treasury of the District and which fund shall be maintained by the District, and all money in the Utility Fund shall be set aside by the District and applied to the payment of Maintenance and Operation Costs, as and when required to be paid. The District hereby covenants and agrees that all Net Revenues will be held by the District in the Utility Fund in trust for the benefit of the Trustee (as assignee of the rights of the Authority hereunder) and the Bond Owners, and for the benefit of the owners of any Parity Obligations. On or before each Installment Payment Date, the District shall withdraw from the Utility Fund and transfer to the Trustee, for deposit in the Bond Fund, an amount of Net Revenues which, together with the balance (but only to the extent that such balance is credited to the Wastewater Enterprise) then on deposit in the Bond Fund, including all sub accounts, but excluding the Reserve Fund (other than amounts resulting from the prepayment of the Installment Payments pursuant to Article IX and other than amounts required for payment of principal of or interest on any Bonds which have matured or been called for redemption but which have not been presented for payment), is equal to the aggregate amount of the Installment Payment coming due and payable on the next succeeding Installment Payment Date.
Deposits into Utility Fund; Transfers to Make Installment Payments. All of the Gross Revenues shall be deposited by the City immediately upon receipt in the Utility Fund. The City covenants and agrees that all Net Revenues will be held by the City in the Utility Fund in trust for the benefit of the Trustee (as assignee of the rights of the Authority hereunder), and for the benefit of the owners of any Parity Obligations. Each month, the City will segregate within an account in the Utility Fund, one-sixth of the amount required to be transferred to the Trustee on the next succeeding Installment Payment Date. On or before each Installment Payment Date, the City shall withdraw from the Utility Fund and transfer to the Trustee, for deposit in the Revenue Fund, an amount of Net Revenues which, together with the balance then on deposit in the Revenue Fund, the Interest Account and the Principal Account, is equal to the aggregate amount of the Installment Payment coming due and payable on the next succeeding Interest Payment Date. In addition, the City shall withdraw from the Utility Fund such amounts at such times as shall be required to: (i) pay all Operation and Maintenance Costs as they come due and payable; (ii) pay the principal of and interest on any Parity Obligations and otherwise comply with the provisions of the instruments authorizing the issuance of any Parity Obligations; and (iii) pay all other amounts when and as due and payable hereunder.
