5675 AUTHORIZING AND PROVIDING FOR THE ISSUE OF $8,000,000 WATER REVENUE BONDS

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,� . system or for the purpose of calling and redeeming any outstanding bonds oP the City which by their terms are payable from the revenues of the said system as said bonds become redeemable according to their terms; pro- vided, however, that the funds to the credit of said Surplus Account shall be transferred to any of the ac- counts (a) to (d), inclusive, hereinabove referred to and described at any time for the purpose of making up any deficiencies necessary to credit said accounts as hereinabove provided. In addition to the foregoing, if there remains in the Surplus Account, after making credits to the ac- counts (a) to (d), inclusive, herein provided for, all sums necessar to make up any deficienciea, an amount in excess of $ 0 000 , and if there are no outstand- ing bonds then su �ect to redemption and will not be- come sub�ect to redemption within the next twelve months, and the Bond Reserve Account hereinabove referred to ag�regates the sum of $��3 ,�00, or that amount constitu- ting the maximum principai and interest requirements for any twelve month period on all the water revenue bonds of the C y whi h may be outstanding, whichever fi�ure is th , then the Council may direct the City Treasur r to request by advertisement in a newspaper published and of general circulation in the City oP Chicago, Illinois tenders of outstanding bonds for purchase to an amount not 1n excess of the funds in the Surplus Account exc�eding $ 50,000 . Said tenders shall be by sealed offer androne of such tenders to sell at more than the par value thereof and accrued interest on bonds shall be considered. The Council may accept bonds tendered at the lowest price computed on the yield to prepayment date, but shall reserve the ri�ht to re�ect all tenders . All bonds so purchased shall be cancelled. (f) The moneys to the credit of the accounts (c) to (e), inclusive, as hereinabove created, may be 3n- vested from time to time by the Treasurer of said City in interest bearing bonds or other direct and general obligations of the United States Goverrunent and such securities may be sold from time to time by the Treasurer of said City at the direction of the Council as funds may be needed for the purpose for which said accounts have been created. All accrued interest on any funds so in- vested sha.11 be credited to the account for which the investment was made. Section 8. While the bonds authorized hereunder or any of them remain outstanding or unpaid, rates charged for wa.ter shall be sufficient at all times to pay cost of operation and maintenance� to establish, provide and maintain the several accounts referred to and described in this ordinance, to pay the intereat of and princi- pal on all bonds which by their terms are payable from the revenues of the waterworks system of said City and to carry out the covenants of this ordinance, And there shall be charged against all users of said water, including the City of Decatur, such rates and amounts for -1�-