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In computing the fractional amount to be set aside each month. in said Bond and <br /> Interest Account, the fraction shall be so computed that sufficient funds will be set aside <br /> in said Account and will be available for the prompt payment of such principal and/or <br /> interest on the IEPA Loans,the Note and on any Additional Obligation then Outstanding <br /> as the same become due. The fractional amount to be set aside for t le payment of the <br /> Note shall be not less than one-€ t_hird of the principal and interest be coming due on the <br /> next succeeding payment date on the Note until there is sufficient mo y in said Account <br /> to pay such principal and interest. <br /> Credits to said Bond and Interest Account may be suspended in any Fiscal Year at <br /> such time as there shall be a sufficient sum,held in cash and investments, in said Account <br /> to meet principal and interest requirements in said Account for the balance of such Fiscal <br /> Year,but such credits shall be resumed at the beginning of the next Fiscal Year. <br /> All moneys in said Bond and Account shall be used only for the purpose of paying <br /> interest on and principal of the IEPA Loans, the Note and any Additional Obligations <br /> then Outstanding. <br /> (c) Depreciation Account: Beginning the month after the delivery of the Note, <br /> there shall next be credited to the Depreciation Account and lield, in cash and <br /> investments, such sum as the.City may deem necessary in order to provide an adequate <br /> depreciation fund for the System. <br /> Amounts to the credit of said Depreciation Account shall a used for (i) the <br /> payment of the cost of extraordinary maintenance, necessary repairs and replacements, or <br /> contingencies, the payment for which no other funds are available in order that the <br /> System may at all times be able to render efficient service, (ii) for the purpose of <br /> acquiring or constructing improvements and extensions to the Sy tem, and (iii) the <br /> payment of principal of or interest and applicable premium on the IEPA Loans, the Note <br /> or on any Additional Obligations then Outstanding at any time when there are no other <br /> funds available for that purpose in order to prevent a default. <br /> (d) Surplus Account: All moneys remaining in the We orks Fund, after <br /> crediting the required amounts to the respective accounts hereinabov provided for, and <br /> after making up any deficiency in said accounts, shall be credited tote Surplus Account. <br /> Funds in the Surplus Account shall be used, first,to make up any sub equent deficiencies <br /> in any of the accounts hereinabove named; and then, for the remainder of all surplus <br /> Revenues, at the discretion of the Council, for one or more of the following purposes <br /> without any priority among them: <br /> 1: For- -thy- purpose--a- constructing or acquiring repairs, <br /> replacements, improvements or extensions to the System; <br /> 2. For making transfers to the Waterworks Fund generally to be <br /> applied and treated as Revenues when transferred; <br /> -17- <br />