Common use of Flow of Revenues Clause in Contracts

Flow of Revenues. The Treasurer shall deposit the Revenues of the Water System as received in the Revenue Account. On or before the twentieth day of each calendar month, there shall be withdrawn from the Revenue Account the entire amount on deposit in the Revenue Account and there shall be allocated and deposited such amount in the indicated priority to the following accounts and funds: (i) First, so long as any of the Senior Bonds or Qualified Obligations are Outstanding, to the M&O Account, an amount sufficient for the payment of Operating Expenses of the Water System as said expenses become due and payable; and (ii) Second, so long as any of the Senior Bonds are outstanding, to the Bond Service Account, (i) one-sixth of the interest becoming due and payable (less any interest which has already been provided for) on the outstanding Senior Bonds within the next six month period; and (ii) one-twelfth of the principal amount which will mature and be payable on the outstanding Senior Bonds within the next twelve month period; and to the Bond Sinking Account, the amount required with respect to any term Senior Bond to provide for mandatory sinking fund installments; and (iii) Third, so long as any of the Senior Bonds are Outstanding, to the Reserve Fund, the amount required (when added to amounts on deposit therein) to provide a balance equal to Maximum Annual Debt Service; and (iv) Fourth, so long as any of the Senior Bonds are Outstanding, to the R&R Account, an amount equal to two percent (2%) of the Revenues received in the preceding calendar month until a balance is established, or reestablished, therein equal to one percent (1%) of the depreciated book value of the land, general plant and equipment which constitute the net utility plant of the Water System or such other balance as the consulting engineer may recommend; and (v) Fifth, so long as any of the Senior Bonds are Outstanding, to the E&I Account such amounts as shall be deemed desirable by the City Council or appropriate City staff by appointment of the City Council. (vi) Sixth, to the Water System Surplus Revenue Fund, all moneys in the Revenue Account remaining after the above transfers have been made and all covenants required by the resolutions relating to the Senior Bonds have been performed, which moneys shall constitute Surplus Revenues.

Flow of Revenues. The Treasurer shall deposit the Revenues of the Water System as received in the Revenue Account. On or before the twentieth day of each calendar month, there shall be withdrawn from the Revenue Account the entire amount on deposit in the Revenue Account and there shall be allocated and deposited such amount in the indicated priority to the following accounts and funds: (i) First, so long as any of the Senior Bonds Bonds, Qualified Obligations or Second Lien Qualified Obligations are Outstanding, to the M&O Account, an amount sufficient for the payment of Operating Expenses of the Water System as said expenses become due and payable; and (ii) Second, so long as any of the Senior Bonds are outstanding, to the Bond Service Account, (i) one-sixth of the interest becoming due and payable (less any interest which has already been provided for) on the outstanding Senior Bonds within the next six month period; and (ii) one-twelfth of the principal amount which will mature and be payable on the outstanding Senior Bonds within the next twelve month period; and to the Bond Sinking Account, the amount required with respect to any term Senior Bond to provide for mandatory sinking fund installments; and (iii) Third, so long as any of the Senior Bonds are Outstanding, to the Reserve Fund, the amount required (when added to amounts on deposit therein) to provide a balance equal to Maximum Annual Debt Service; and (iv) Fourth, so long as any of the Senior Bonds Bonds, Qualified Obligations or Second Lien Qualified Obligations are Outstanding, to the R&R Account, an amount equal to two percent (2%) of the Revenues received in the preceding calendar month until a balance is established, or reestablished, therein equal to one percent (1%) of the depreciated book value of the land, general plant and equipment which constitute the net utility plant of the Water System or such other balance as the consulting engineer may recommend; and (v) Fifth, so long as any of the Senior Bonds are Outstanding, to the E&I Account such amounts as shall be deemed desirable by the City Council or appropriate City staff by appointment of the City Council. (vi) Sixth, to the Water System Surplus Revenue Fund, all moneys in the Revenue Account remaining after the above transfers have been made and all covenants required by the resolutions relating to the Senior Bonds have been performed, which moneys shall constitute Surplus Revenues.