C150243 PIF Documents

• Contract/PO #: C150243
• Contractor Name: Aurora, City of
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

maintained as a subfund, account or subaccount of the Water Enterprise Fund. In addition, the
City may at its option credit to the Income Account any other moneys of the City legally
available for expenditure for the purposes of the Income Account as provided herein. The
Income Account shall be administered and the moneys on deposit therein shall be deposited and
applied in the following order of priority: •
(1) First, to the payment of Operation and Maintenance Expenses in
the manner set forth in Section 3.02 hereof;
(2) Second, to the Debt Service Account to pay the Debt Service
Requirements of any First-Lien Obligations then Outstanding in the manner set forth in
Section 3.03 hereof;
•
(3) Third, to the Debt Service Reserve Account or Accounts, if any, in
the manner set forth in Section 3.04 hereof;
(4) Fourth, to the payment of the Debt Service Requirements of
Subordinate Revenue Obligations in accordance with Section 3.06 hereof;
(5) Fifth,to be used in accordance with Section 3.08 hereof.
Moneys in any or all of the foregoing accounts may, to the extent provided by Supplemental
Resolution, be made subject to transfer to an Excess Investment Earnings Account. In order to
give effect to the requirements of both the Code and this Ordinance the City may, to the extent
' necessary, advance, subject to reimbursement, moneys required for the payment of Operation
and Maintenance Expenses from funds earmarked for Improvements or Capital Projects, and
•may also, to the extent necessary, advance, subject to reimbursement, Net Pledged Revenues
.s required for the payment of the Debt Service Requirements of Obligations from funds earmarked
for Operation and Maintenance Expenses, including the Operation and Maintenance Account.
Nothing herein shall be construed to prevent the City from creating subfunds or subaccounts for
the purpose of recording the payments and accumulations made hereunder in a manner consistent
with the accounting principles which may be employed by the City from time to time.
Section 3.02. Operation and Maintenance Expenses. As a first charge on the Income
Account,there shall be promptly paid the Operation and Maintenance Expenses of the System as
they become due and payable.
Section 3.03. Debt Service Account. There is hereby established, for the benefit of all
Owners of First-Lien Revenue Obligations, a special account to be known as the Debt Service
Account. Subject to the payments, if any, required by Section 3.04 hereof, for so long as any
First-Lien Revenue Obligations are Outstanding, the City shall deposit in the Debt Service
Account from the Net Pledged Revenues on or before the last day of each month beginning with
the month of issuance of any First-Lien Revenue Obligations, the amount of interest accruing on
such First-Lien Revenue Obligations during said month (with a credit for the amount of any
accrued or capitalized interest deposited in the Debt Service Account and not theretofore
credited) and (except in the case of Revenue Anticipation Notes, Bond Anticipation Notes,
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