upr000097 58

Ordinance No t r 06 ^ > ' p>; Said City also covenants and agrees that it will establish and maintain a Public' Levee Terminal Kevenue B Fund (hereinafter referred to as tne ••?Rond Fund”), and that into said Bond Fund XwCity will continuously pay from thefopeci&l Public Levee Fund hereinbefo^s described, a«er paying the evnpnstS of operation, maintenance ana S in amount sufficient to mam- tain in such Bond Fund a aum ^qual to the debt requirements on all Public i,evec -Terminal Revenue Bonds of tne i a City issued pursuant to the provisions s this Ordinance for one ad I vance \If the balanceTn" life special Pub- " lie Levee Fund is insnfticient at any time to make the required payments into laTd Bond Fund, then the amount of auch deficiency shall be paid into said Bond Fund as soon as the same is available* Moneys deposited in such Bond Fund shall be used to pay the i - terest on and principal of the Public Levee Terminal Revenue Bonds of the \city, issued pursuant to the provisions of this Ordinance, and shall not be used for any other purpose. Section 11. That so long ais any of the Public Levee Terminal Revenue Bonds of the City of Kansas City, Kan­sas, issued pursuant to the provisions of this Ordinance remain outstanding, said City covenants and agrees -that all , revenues derived by said City from the u operation of its Public Levee, including '"additions and extensions thereto, and not required to pay the expense of iteration, maintenance and repair of ’^NN.d. Public Levee and not required by The previsions...of this-Ordinance to be pam into the vggnd Fuglfr hereinbefore, festst^ehed,; w 11 l^W--tt5ed. by_ .M id City. | iic-n dme to~lhner as soon as the sum } multiples thereof, is avail- | to call for payment at the par | UyathertolTpm* a premium of One 1 bJv- - s*rBt of auch par value, together 1 Sw-lib accrued interest to the date of 1 i barmen t, the Public Levee Terminal 1 Revenue Bonds of said City numbered I from 1101 to 3000. both numbers inclu- •?tsivc, dated November 1, 1988. herein- -i, before authorized to be Issued, such , bond*'to he called for payment in their | laauK'se numerical ordepapd under the I terms aftrSoSaiions hereinbefore speci­fied provided, however, that if said City pursuant to the provisions of this Ordinance, shall hereafter issue addi­tional Public Levee Terminal Revenue Boride, then a portion of the revenues derived by the City from its Public Levee applicable to the payment and re­demption of the Public Levee Terminal Revenue Bdnds of said City may be used for the purpose of redeeming and pay­ing prior to their maturity such bonds of said. City hereafter issued pursuant to the provisions of this Ordinance. In the latter event, the funds available for Jthe retirement of Public Levee Terminal (Revenue-Bonds of said City shall be ap­portioned ; to the retirement of the $3 000,00JK principal amount of bonds dated ?’’“'’November 1, 1938. hereinbefore referred to, and the Public Levee Termi­nal' Revenue Bonds of the City here- lafter issued on the basis of the respec- • jtive-principal amounts of the respective /issues of bonds then outstanding. Section 12. That the City of Cl tv Kansas, hereby covenants and agrees that the *1.000.000 principal amount of Public Levee Terminal Rev­enue Bonds of said City heretofore au­thorized but not being presently issued, and each and every part of said *1,000,- ooo principal amount of said bonds, shall be issued hereafter only under all of the conditions and in accordance with all of the provisions hereinafter specified, to-wit.. bond# shall not be is­sued in excess of the actual cost of making improvements, additions and extensions to the Public Levee of said City and facilities thereon or. connected therewith, authorized by law; ... (b) Said bonds shall not be is­sued if at the time of the issuance, sale or delivery of said bonds, or anv part thereof, any default shall exist in the payment of principal of. or interest on yaily Public Levee Terminal Revenue Bonds of said City theretofore issued pursuant to the provisions of this Ordinance and then outstanding: ; . , . (c) Said bonds shall not be is­sued or sold by said City for less than par and accrued intere*: i (d) Said bonds shall not be is­sued unless, at the time of the Is­suance, sale and delivery of »ld bonds, or any part th«™°*;,,the, | revenues received by the City fi om the Public I^evee for a twelve month period ending not more than four months prior to the proposed sale and delivery of said bonds, equal at least One Hundred Twen- j ty-five per cent (125%) of all in«- tv-nve per mu w* t barest and principal payments pe- t coming due in the next succeeding twelve month period on the Public t Levee Terminal Revenue Bonds of t said Ci*v theretofore issued pursu- I ant to the provisions of this Ordi- nance and then outstanding. n » 1 term “net revenues” as used herem i shall mean th* gross revenues frond V said Public Levee after deduction l only of the expenses of operat.ng, maintaining and repairing said *<#)*'gaid bonds shall not be h- f sued unless, at the time °* I Issuance, sale and delivery of said ! bonds, or any part thereof the City of Kansas City. Kansas, shall have , entered into leases or contracts with financially responsible parties cov- } ering facilities proposed to be con- | struc.ted with the proceeds of bonds, sufficient to yield a net in- , conie to said City tn an amount I equal to all interest and principal payments that will becomedueon the bonds proposed to be *su._ ‘ (f) Said bonds, when issued in con­formity with the provisions hereof, shall mlture serially, the earliest purity ine not less than two years after the date Of said bonds, and said maturities continuing annually until thirty years after the date of said bonds, Pf*n clpll amount of said bonds maturing in each year shall inefease annually said term in approximately the s*Jj* ratio as the maturities of the ?3,ouo,btt.. principal amount of Public Levee TermL nal Revenue Bonds of said City, dated November 1, 1938. hereinbefore described. -3 4 -