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Ordinance 1985-16 D\ ORDINANCE NUMBER 1985- M9 RESOLUTION CREATING A WATER SURPLUS ACCOUNT AND WATER BOND REDEMPTION ACCOUNT BE IT ORDAINED BY THE CITY COUNCIL OF THE UNITED CITY OF THE VILLAGE OF YORKVILLE, KENDALL COUNTY, ILLINOIS AS FOLLOWS: SECTION I INTRODUCTORY STATEMENT That the City Council deems that in its best interest and required pursuant to the terms of an ordinance passed on May 8, 1969 authorizing the issuance of revenue bonds for the purpose of improving its water system to create two (2) accounts, one designated as a Surplus Account in which any surplus moneys remaining after payment of those moneys re- quired to be paid into special accounts created under Section 8, Sub- paragraph (a)-(d) of said ordinance of May 8, 1969, and said account shall be designated as a Surplus Account and Bond Redemption Account upon the following terms and conditions. SECTION II SURPLUS ACCOUNT A Surplus Account shall hereby be established pursuant to the terms of the City ordinance passed May 8, 1969, providing that all moneys re- maining in the Water Fund of the United City of the Village of Yorkville established by said ordinance after all previously described payments shall be placed into the Surplus Account at the close of each billing quarter. At the end of each fiscal year, a sum of not less than fifty percent (SO%) of the amount paid into said Surplus Account shall be transferred to a Bond Redemption Account created hereafter. The remaining balance con- tained in said Surplus Account may be used for the improvement, extension or maintenance of the City water system. l�- SECTION III BOND REDEMPTION ACCOUNT The United City of the Village of Yorkville hereby creates a Bond Redemption Account, which shall be established at the close of the next fiscal year occurring upon the passage of this Ordinance. Fifty Percent (50%) of those moneys transferred at the close of each fiscal year from the Surplus Account of the Water Fund of the United City of the Village of Yorkville shall be placed in said Bond Redemp- tion Account so as to provide funds with which to retire Water Bond obligations of the United City of the Village of Yorkville. PASSED this Zn day of �'V !��_r:_�-� 1985. ZZ� 0 R ERT E. DAVIDSON, JR, ayor APPROVED this � day of lPe, 1985. CITY ERK