1995 ORD O-13-95 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Account. Monies in the Surplus Revenue Account at any time shall be used in the following order of priority: (a) For the payment of all Additional Purchase Payments that have accrued or been incurred or that are then due and payable; (b) For transfer to the City's General Fund, on a monthly basis, in an amount set by the City Council, but not greater than, one - twelfth (1/12th) of ten percent (10%) of the Electric System's Gross Revenues of the preceding Fiscal Year (less (i) the cost and expense relating to sales of electricity for resale during such Fiscal Year, and (ii) contributions in aid of construction during such Fiscal Year) or all available monies in the Surplus Revenue account if less than such amount; (c) An amount, equal to one year's maximum annual debt service on Qualified Obligations, to the Operating Reserve Account payable as follows: over a period not to exceed twelve (12) months, and in each such month not less than one twelfth (1/12th) of one (1) year's maximum annual debt service, until such Account contains an amount equal to one year of maximum annual debt service. If any amount is withdrawn from this Account, it shall be replenished with all available funds in the Surplus Revenue Account after transfers have been made pursuant to clauses (a) and (b) of this subsection (iii); (d) Any additional transfers to the City's General Fund shall be considered to be a loan, subject to such terms and conditions of repayment as the City Council may establish, provided, however, that before such additional transfers may be made (i) no deficiency shall exist in the amount required to be on deposit in the Operating Reserve Account, and (ii) the Net Revenues of C