MINUTE BOOK No. 17, CITY OF OXFORD

416MINUTE BOOK No. 17, CITY OF OXFORD.. _-_._ .. _-_._--,.,----------_._----- -------,---'---;') ,(a) Into a Fund desirnated the 1t~U;CTR.IC n:Ti£RES'l' AND i'30ImtbDlllPTION FUND" sumssufficient for the ~ayment of the ;-Jrincbal of and the interest on said bends \-Jhich~"il accrue dupi:p such fiscal year. Such allocatim and deposit shal' be in additionto the allocatioi 1 and derJosi t reouired to be marie for the payment of principal of andinterest on th,·; E~.ectric Revenue Bonds, Seri8s 194.;), and the Electric Plant RevenueBor;ds, Se»ies 19,)0, an s id Fund shall be used oriy for the payment of the principalof and the intere st on the bonds he~'e ;_n authoriz.ed to be issud and the said ElectricRevenue Bor,d" , Series 194./, and tre said Electric Plant Revenue Bonds, Series 1950.(b) Into a Fund desi~naterl the "EL~CTlUC OPEd.1, TION AND HAII~TC;NANCE FUND" sums sUfricientto 'Jro'.ride for the)ayment of reasora. ble eX::Jenses of opeca ti m and rcas")naQle expensesor operl'tion and rea so alb exnenses of maintaini. said electric distribution systemin 9"00'--: re 'air and \10 rkin'" order.(c) Into a Fund desL~na(-ed the "EL.c,CTRIC Cm,TiNGENT FUfJD" the sum of $1,000 per annumuntil such ti e as the amount so de~osited in sa,i.d Fund shall ap;,rer,ate the sum of$10,000, at "'h '_ch fifure th e said Fund shall thereafter be maintained by such futurede )osits as rra~,T fro:n time to time be neceSS,·.ir· to mainta.Ln said balance of ~ln,OOOin said Fund. The said Fund shall be used for the purpose of providin~ for majorrenairs, r-::Jlacements, extensinns, additio;:s to" and improvements of said electricdistribution system. Any sum or s:;ms so withdrawn from sa.id Fund shall be restoredt ereto out of rev nues thereafter received.(d) Into a Fund desi nated the "i~Lb,;CTH.IC BO[,D 3,ESERVE FUND" the sum of $3,000 perannum until such time as the amount so de osited ir! said Funri shall a~~re~ate the sumof ;;p30,000, at which fic-ure the said Fund shal] thereafter be maintained by suchfuture de'Josits as ma.H fr.m time to time be necessary to maintain said balance of $30,000in s id Fund. The said Fund shall be used solely and only to supplement the Interestand Bond Red,mption Fund if and when necessary :lromotly to oay the bonds h~rein-,'uthorized to e issued and the interest thereon when due. Any sum or sums so"'~t~drawn from said Reserve Fund shall be restroed therto out of revenues thereafterreceived.Any surolus remaini"r: 'cn the ELECTRIC LIGHT FUND, after makin~the allocations andde)osits above 'rovided for, and after the Contin~ehtFund and the Reserve Fund shall have beenestablished to the maximum amounts above required, sh,ll be allocated to and deoosi ted in a Funddesir;n."ted the ELECTRIC BOND Ri!.TIFlliMmT FUND" and sums credited to said Fund shall be used solely,,"nd on y for the 'lur :ose of rede· m:'n,; bonds wh_ch may be calle for redemption prior to maturity.S.c,CTION 8. That de losi ts into SF: id ~L.c;CTRIC LIGHT FUND shall be made as the revenuesof s id electric distribution system art, i'eceived, and that payments therefrom into the separateand SDecial fundnrovid,;d for by the next ;Jrecedin,,, section shall l-e made in apiJroximatelyequal monthly installments on the first bus ness day of each claendar month throu~houtthe year,and if the r venues derived from the oneration of said electric distribution system shall beinsufficient to make any such »ayment at such ti:re, the deficiency shall be made good by additional'layments to he mane out of the first available revenues of said electric distribution systemreceived durLn~ any succedin'~ months. And, in like manner, if durin~ any fiscal year the revenuesreceived from said electric distr bution system shall be insufficient to maintain said funds,the additional nayments sufficient to make UD such deficie;;cy or deficiencies shall be made insucceedin~ year,; out of the first available revenues of s8.id electric distribution system. l.Nheneverthe sums actually on deposit in the Electric Interest and Bond Redem ,tion Fund, the Electric BondReserve Fund, and in the l~lectricBond Retirement Fund shall equal the princinal amount of alloutstandin,!'" bonds ""\aya~letherefrom, to ether v,~ th the amount of all inter st due thereon untilthe rescctive ma.turity "ntes of aE such bonds, then no further payments need be made into saidfunds.All sums in the funds hereinabove re"erred to she.ll \:e kept on deposit in a bank or banksv,hich are members of the Fede a l De:1osit Insurance Corporation and shall at all times becontinuously secured, aSlrovided by the LavJS of Hississippi for other funds of municiDalities.