Ordinance No. 19551 - Laserfiche WebLink

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remaining Hond proceeds and states that interest on the Bonds will not became includable in gross income of Owners as a result of putting the remaining Band proceeds to such uses, then the City may transfer the remaining Band proceeds to the operating Account. and put it to the uses described in the opinion. 4.1.5. All Band proceeds credited to the Airport Construction Fund and the securities in which such moneys may from time to time be invested shall be held in trust far the equal and ratable benefit and security of all the Bonds and, until expended, shall be subject to the liens and pledges created by Section 2.2 hereof, 4.2. The Air ort Revenue Fund; A licatian of Revenues. 4.2.1. There is hereby established a special fund of the City, tv be known as the "City of Eugene Airport Revenue Fund" the "Airport Fund"~, which shall be held and administered by the City. The money deposited in the Airport Fund may be commingled with any other moneys of the City for investment purposes, but shall be used only in the manner and for the purposes hereinafter provided in this section. Until expended, the money in the Airport Fund and the securities in which such money may be invested shall be subject to the liens and pledges created by Section 2.2 hereof. 4.2.2. There is hereby established a special account in the Airport Fund, to be known as the "Operating Account." On or before the day of delivery of and payment far the Series 1988 Bands, all Revenues then held by the City which are not credited to other funds or accounts created in this ordinance shall be credited to the Operating Account. 4.2.3. From and after delivery of and payment for the Series 1988 Bonds, all the Revenues shall be credited to the Operating Account. The money in the Operating Account shall be used and applied at the following times, in the following amounts, for the following purposes and in the following order of priority: . 4.2.3.1. operation and Maintenance. The Revenues credited to the Airport Fund shall be used first to pay Operation and Maintenance Expenses when they are due. 4.2.3.2. Payments into the Debt Service Account. On the fifteenth business day preceding each Bond principal ar interest payment date, the City, after making the payments described in 4.2.3.1 hereof, shall pay to the Trustee for credit to the Debt Service Account from Net Revenues or other money on credit to the Operating Account an amount sufficient when combined with available amounts in the Debt Service Accounts to Page 25 ~ ordinance