Loading...
HomeMy WebLinkAboutOrdinance 943 revenues of the Waterworks System and the surplus in the general revenue fund of the City of Fayetteville , each year , atter the Payment of the costs and expenses of operating the City-Government ., riot exceeding , however, the sum of $3 , 250 per annum, in the princi - pal. amount of $1700-0000 dated June 15 ; 1932 , and maturing serially on June 15 in each of the years 1933 to 1952 , inclusive , and bearing interest at, the rate of Five PerCont ( 5% ) per . annum, which rate of interest was by agreement on -June 15 , 193 , reduced on the bonds of the issue then remaining unpaid to Four Per Cent ( 4% ) , for the purpose of developing , improving , and extending 'the Waterworks System of the City of Fayetteville ; and WHEREAS , there are _now outstanding and unmatured $34 , 400 principal amount of said bonds numbered 257 to 279 , inclusive; 272 to 299 , inclusive ; 303, to 320 inclusive ; 338 and 339 ; . 344 and 345 ; and 349 and 350 , and maturing serially on June 15 in each of the years 1949 to 1952 , inclusive , the interest having been paid , in full ,to June 15 , 1948 , but callable for payment before maturity at any annual interest paying date upon thirty days ' notice published in a newspaper published in the City of Fayetteville , Arkansas ; and WHEREAS , in order to provide for the payment of the costs .of extending and enlarging the said Waterworks System' - immediately required but forming a part of the plans and estimates of costs above described , the City of Fayetteville , Arkansas caused to be !F issued $1002000 of Four Per Cont (4% ) Waterworks Bonds , dated as of Sep- tember 10 , 19489 with monthly payments due thereon on the Tenth day of each month beginning February 10 , 19490 and, extending through April 10 , '1951 , but subject to call for prior redemption upon one weekts notice , befo.re the date set for redemption published in a newspaper of general circulation published 'in the City of Fayetteville , Arkansas ; and V41rERFA8, ' in' order to; raise the . money: to finance the said construction and to refund : the said $34, 400: of, Four Per Cant :(4$) bonds and the $1OOs000 of : Four Per- Cent Waterworks Revenue . Bonds, the Council has determined. to. issue Waterworks Revenue Refunding and , Improvement Bonds hereinafter . authorized , . . to be payable , solely • from the revenues of. the Waterworks oystem; and WHEREAS, the Council , has sold to W*. R . Stephens 'Investment Company-, Ync . - end T . ' J . Raney . & Sons , - of Little Rocks Arkansas , $800 , 000 of negotiable bonds at the :price of par for bonds bearing interest :at the rate of 3 . 20% per ' annum and , acerued interest •to date of delivery , payable solely from the revenues ' of. the Waterworks System ' -dated December 1 , 1948 and maturing serially on December 1 , , in each ."of : th11 1e yeare 1949 .. to Ives the purchasers to pay the costa of printing, J�Inc lus the bonds and one-half of' the fee of the attorneys who are to- approve the bond 's , with _the privilege, of converting said bonds into an issue of bonds. bearing 'a lower , rte of interest for , . which the oity .. *ill . pay and receive substantially the • saine as . upon the 3 . 20% bonds at the. price 'bid ; and M. WREREASs the . said puichasors have elected to mOonvert the said $800 ,000 of 3 : 20% bonds to an issue of 827s0o0 ,• , $204, 000 bearing TWO and One-half 'Per Cent ( 2j%) interest and $623 , 000 bear,n8 Three Per Cent ('3$) interest and' more ' fully, described hereinafter, by which conversion the. Council finds that the City will pay ' and receive substantially the same as upon the 3 . 20$ bonds at the prioe bid ; and WHEREAS , the . Councih•' has caused , to be made an;. estimate of thee present value ;of `the :existing waterworks system- now, ormedM. and operated by , the said City, and an estimate of the value , of the Waterw6rka`..System ,, after .- the: contemplated 6onstruction ofd L said betterments and• . improvements ; :.,I . NOWS THEREFORE, BE IT ORDAINED BY TRE CITY COUNCIL OF THE CITY OF FAYETTEVILLF, ARKANSAS : SECTION 1 . That the action of . the City Council of the City of Fayetteville, Arkansas , of February 22 , 1932., ' in the issuance of the said $170 , 000 Five Per Cent Bonds be and it is hereby ,ratified and confirmed and that the said outstanding and lcoo _" _ unmatured $34, 340- principal amount of said bonds be and they are hereby ratified and confirmed as ' & Valid and legallybindina indebtedness of the Waterworks - System of the City of Fayetteville, Arkansas , payable solely from the " revenues of the said Waterworks System. SECTION 2 . That the present value of the Waterworks . Flystan now' owned and operated by said City of Fayetteville , Arkansas , t3 found and deelered to be the sum of $935 , 700 and that ' the total value of said waterworks system after such proposed Improvements and betterments have been mate is the sum". of $1, 701 300, and consequently that the value of : such improve ments and betterments is the sum of $765 , 600 ; and the proportion of the value of said improvements and betterments to the entire system , when the said improvements and betterments have been provided , will be forty- five per cent . SECTION 3 . That the City exercise Its option to call for *prior redemption the outstanding and • unmatured $34 , 400. principal amount of Four Per Cent bonds and the outstanding and unmatured $100 , 000 principal amount of Four Per Cent Waterworks Revenue bonds and that notice therefor be given in accordance with the provisions of the respective issues . SECTION 4. That under. the authority of Act No * .131. of 1933 , as amended , Waterworks Revenue Refunding and Improvement Bonds of the City ( hereinafter called "Bonds " ) ' be issued In the . total amount of right hundred 'Twenty-oeven `thousand Dollars ( $8270000) 0 the proceeds of the sale of which issue are necessary to provide sufficient funds to pay the cost of the construction of the betterments and improvements to the Waterworks System described herein , •including engineering , legal and other expenses incidental -thereto and to the issue of - the . bonds , and interest to six months after the estimated date of completion of the construction, , which is,, uPcember 1 , 1943_ ; that said bonds be designated "City of Fayetteville 2,�� ( and 3%) w'oterwoiks Revenue Refunding and IsproveZesnt Bonds " , be dated December 1y 1948 , be of the denomination of 91 , 0000 numbered Prow 1 - to 827, Inclusive, and mature in numerical order on the first day of , December in each 6f the: following yours and the following amounts , respectively, but cullable .as herkinafter set forth : Bond Numbers Denomination Amount Year 1- 18. $1 , 000 418 ,000 1949 19- 36 • 10000 18, 000 1950 37- 55 1 , 000 19 , 000 - 1951 NN 56- 76 1 , 000 19 ,0000 1952 75- 94 1 , 000 20 , 000 1953 951NNIN115 1 ,000 210000- 1954 IN 1161NNINN136 1 , 000 21 , 040 . 1955 • 137-158 1 ,000 22 , 000 1956 159-181 1 , 000 23 , 000. 1957 18420.4 10000 23000 :. 1958 . 2 ) 51NN,N228 10000 24, 000 , 11959 229- 252 1 10000 24 , 000, 1960 - 253- 277 10000 IN 25 , 000 , 1961 , 278-303 1 , 000 . 26 , 000 , 1962 304-329 1 , 000 26 , 00 ] 1963 330-356 10000 27 , Q00 • 1964 357- 384 10000 280000 . 1965 385-413 10030 29 , 000 , 1966 414-442 10000 29 , OJ0 , 1967 443-472, . 1 , 000 30 , 000 1968 • 473- 503 10000 310000 ' 1969 504- 535, 10000 32 , 000 . 1970 536-568 10000 33 , 000 • 1971 569-602 10000 34, 000 1972 603-637 1000;0 . 35 , 000 • 1973 638-673 1*9000 36 , 005 .1974 ` 6741NNIN710 10000 P31y000 • 1975 711-748 1 ; 000 38, 000W 1976 749-787 1:0000 390000 1977 788- 827 ooa `� 1 , 000 40800 1` 8 �� $ A that $20,4000 of bonds bear interest, at the rate of two and, one-half per cent (2j%) per annum from date to maturity and that $623 , 000 of bonds bear interest at the rate -of three per cent ( 3$) per annum from date to maturity, payable on June 1 , - 1949, and semi'-annually thereafter on the first days of June and December of each year ; that the bonds be signed by the Mayor and City Clerk and sealed with the corporate seal of the City , and that the interest upon the bonds be evidenced by coupons thereto - 5 attached , -. the coupons to' be signed . by said . , Mayor ' and City' Cl'er1r by their facsimile signc.tures ; that said Vayor and City clerk' shall by : tie execution of the . bonds adopt as and for their own ' proper signatures their facsimile signatures appearing on said . - coupons ; - that the bonds and Wupons be . payable In such funds as at the time of the respective 'payments are . letal tender for Vie payment of �debts due the ! nited ' States of America, at the• office . 1 1of The Commercial- Rational Bank of Little Rock , Little Rock , Arkansas . , The bonds , together with Interest thereon; shall be payable solely out" of-,the :Raterworks Revenue bond. Fund as here - inafter defined, and shall be :a valid claim of • the holder thereof only against such Fund- and , the amount of the revenues pledged to such Fund, which amount. of said revenues is hereby pledged end mortgaged fpr the , eq,ual arid. ratable pa47mgnt of the ' bonds as they severally mature and shall be used for no other purpose thsn to pay the .principal of and interest' on the bonds . SECTION 5 . That . said bonds . and' coupons be in sub stahtially the following formi . - Ho . UNITED . STATES OF ALERI.CA s STATE OF Al{tfANSAS COUNTY , OF W H' INGTOA ;t CITY OF F XF17EVILLE WATERWORKS 9 VLNQE REFUN61NG -AND JMPROIMXNT BOND KNOB ALL nN BY THERE PRE69NTSc That the City of FayeLt®v lb, in the County of ' Washing. ton and '6tate of Arkansas , for value,, received , hereby promises . to pay . to - bearer ,. solely from the special fund proivi.ded tberefor, as : hereinafter s6t2brth , the principal sum' of 0LLARS on "the first day of December , 19_ _ _ , and to pny; solely from. -said special fund , interest hereon at the rate of two and one=-half percent per annum from date , semi-annually on the first ` days of- June and - December in "each. y,'e.Ar , ' beginning June6*1 , 19490 upon presentation and . IIsurrender of . the annexed coapbns' as they, severally become due . Both principal , heroof and interest hereon shall be payable, in much funds as at, the time of : tha . reapect ve payments' are .lcgal tender for the • payment of debts due the United Sates of JMerica , at the- offioeof The Commercial dtational Bank 'of Little ,Bock In the City dt Little Rock, Arkansas . This .bond is one of a series of eij; ht hundred an"I twenty =aeven bonJs , aCgregating Eight_ hundred Twenty-Seven : Thousaivid • ©ollare ( $827 , 0©0) , dated Lecejber ` 19 , 19,,8i numbered from 1 to 827 , both Inclusive , ala of like tes.or ant effect , . , , except as to :.nteA�eot r4tes . and iiaturity ,� 'ana ;issued for the purpose of providing for: , the payment of the cost of .the construction , of betterments and improvements to the waterworks system of the City of Fayetteville , Arkansas , ( her'einafter, called the t'°+ater works System^) , . and refunding valid : and legally binding indebt- edness incurred in the construction of betterments and iuprove- ments to the taterworks System of the City , of Fayette' v111c , ' Arkansas . This , bond and the , series. of , which It forms' a pert are Issued pursuant to and In full oomplitince with the Constitu- tion and laws . of the tttete of Arkansas , particularly Act two . . : 131, of the regular session of - the General Assembly - of the, utete • of Arkansas for the year 1933 , as amended , and pursuant to .en ordinance of , the City Council of the City of Fayetteville , duly adopted ; ' and do not constitute an indebtedne s of said City of Fayetteville within any constitutional or statutory limita- tion . Said' bonds-* are payable soleiy- from a fixed amount of the gross revenues- from the Raterworka byst6mp which amount shall be , sufficient to pay the principal of and interest on . the bends , as the same become : due and payable . 4aid amount has been duly set aside ani pledged as a special fund . for . that purpose snd identified as the 1Waterworks • Revenue bond Fund !' , created by Crdirance No : duly adopted by the City Council of -.the said- Gity of Fayetteville on . the _0' day of October , 11,489 , under , which this - bond. is authorized to be issued , rind . in said ordinance the paid City of . Fayettoville has fixed' and ' hos covenanted, and agreed to maintain rates. for water services which shall ba • suffieient Lt . 011 times to provide for the. payuent , of. the principal of and Interest on . the bond If .r thet.o3amibec6tr6a ' luo untf payr ble , : to provide for the creation of ..separate depreci&tion funds for . necessdry re aacsraentisltc said �aterwggP system, ar��tk to o oxide Por' the �jyment of tite re'" onabie ';expenses of :opor4tion sn$ maintenance of :raid watetlworks 'syete . ' y ' This, 6oud is nx�.rassly,; mde • negotiable under4 said Act Ido . 131 and is iasued with the intent that the laws ' of the Mate of Arkansas shall govern the construction thereof . By virtue of the authority of , said Act. So . -I 'll of the General , Assembly of ' tho State of Arkanaa3 for the year 1 33,0 there is granted Ant created a st4tutory mortgage lien on' the betterments and improvemanta to said waterworks system to and in favor of the holders of said bonds and' eaeh of them, 4nd to and in favor of the holders of each of the coupons evidencing . the Interest on said 'bonds ; and said .betterments and lmprovotEnts to said watervorks •system shall - remain -'subject to such statutory mortgage lien until . the payment in . full • of all of said bonds , both principal and tn'tere sf. , Ahall have +been, made : The city , at its option , say ' call for- rcdomption befofie maturity , in lawful funds - of the Onkited States of Ameri'ea , in inverse numerical order , at par' and . accrued interest ,. any bond or bonds, of this issue, at any interest Oayfiig date, only out of the unexpended proceeds from the sale ; `of • -the . bonds of' this issue . or out of any surplus revenues. derived-Irom the operation of the waterworks . sysf6m in the Uaterworks Redenue Bond Fund in . excess • _ of ' the amount ' roauired to maintain the said ?und ,• and on. and' after Aecember 1 ,; 1953 ? from any avaflnble ' funds . Notice - of the call for the • redemption ; shll, be .put+lished . ,by the City Clerk once a week .for, two weeks bwfore the date of such redemption In a newspaper of general circulation published in" the City of Little • Aock, Arkansas$ and having d general'circulation through- out the , 3tuto of Arkansas, and after the date mentioned . in said callp . the bond or. bonds so called . wili rc9ade to bear interest ; provided funds for the` psyctent are on 'deposit° jat , that time . 01 .g. . :.t . � ;r . � :-- o IT 16 HBR�,BY CERTI IED, RECITED, .Alit DECLARED that all acts , cl.nditions , and things required to exist , happen, and be performed precedent to - and in the issuance of this bond have existed , have happened, and have. been performed . in due timep form and manner , as required by laws that the indebtedness represented by this - bond and the . lasue of which it forms a part e does not exceed any: conatitutional or statutory limitatlonsl and that -sufficient of - the income and revenue which is deemed to . be derived from the operation .of ' said waterworka system , haa been pledged to : and: will .be 'set aside into said special fund for the payment of the principal of and interest on said bonds . This bond shall not be valid until it shall have been authenticated by the cortificate. herson , duly signed by The Commercial National. . Bank . of Little Rock, Little. Rock, Arkansas . IN WITNn8- WHFhLOP, the City of Fayetteville, ArkaneAs ,- by its City Council , has caused this bond to be signed by the Mayor and City Clerk. thereof and sealed with the corporate seal. of said City , and has caused. the coupons hereto attached to �p executed by the facslmile ,signatures of said Mayor and City Clerk, all as of the first day of December , 1948• Mayor of the City of Fayetteville, • Arkansas ( SEAL): City Clerk ( 6'ORY OF COUPON) No June On the first day of December , 19,q the City 'of Fayetteville , Washington County , Arkanses , promises to pay to bearer the sum of - ` Dollard ( fid ) solely out of the fund specified - in the bond t64. ;which this coupon appertains , at; the office of The ' Commercial National Bank of Little Rock in the- City of Little Rock , Arkenses ,' in such funds as . at • the time . of, _payment hereof are legal tender for, the payment of debts due the . .United States of America , , being interest then due on its 21' % Waterworks Revenue • .Refunding and Improvement: Bond dated the first day of . December , 194x, and numbered f unless the bond - to which - this. coupon ` apportains is sooner called for payment .' Layor City Clark On the back" of said bonds is to ac» ear the following : ' CUTiN'iCFiTP This is one of the bonds aggregr.ting 4827 , OOO , described herein . The Commercial National Flank . of Little . Rock ; By : Little Rock ,- - Arkansas 1948 . SECTiOR 6 . " That the following monthly rated be flxed `as rates to be charged.. for water to be .furnished by the Waterworks System; ; (both <` before agt� " offer the - completion of- said betterments ' and improvements ) , which the Council finds are reason lle -hnd- neces4aryrv�inlmum" - r4tgs" tobpi harOed: " .� First 10000 talions , or fraction wthereof; ;• ; 1600 Noxt 29,, 000 yge'llons 352-A' per 1 , 000 Gallons Yrext 270,; 000 gallons ' �- 34 per ,1 , 000 gallons Over 300 , 000 gallons- .i917� per l .,ggO ' gallons . . C• eter Sonic-e Chnrae For 5/81! Meter 00 . 75 . por 1iorith For 3/4" , Neter 1 :.13 ;per Month ' For 1 " " Leter 1 . 5Q par Jonth For 1j " 36eter 2 . 25 per 1lonth For 2 " lacter3 . 75 per ilonth . For . 3 . " Meter • 7 . 50 per 'Month For 4 " Later 4 11 . 25 .per 'sbnth - , For ' 6 . " ;teeter 22 . 50.. per ilonth The Leter , Service Charge is additional to the monthly charge for rates based on, gallonage , consumption . . ' `' . , > l .tel•. � ' � . ! G1 ..1 V ,f Gross bills will . be , aubject `to a discount of Fifteen Per Cent (156) if•, paid on or before the`, Tenth Day of the Month . following the - date of-, the last xeter reading , Minimum amount per full month: , 01 . 00 L11nimum amount per fractional month : And this Council further finds and declares that such rates as above set out . will produce . a total revenue suf- - , ficient to pay the ,• total operation and maintenance expenoe of the waterworks system as so -improved , and to provide for the payment of the bonds herein authorized to be issued , both principal and interest , as the same fall - due and are payable , and to create . all funds herein provided . Said rates shall never -be reduced until all bonds herein authorized and all coupons thereto attached have been paid - in full and shall , when necessary , be , increased in . an l=.ouat sufficient to provide for trifi 'maintenance of the funds herein- after described . ' SECTION 70 None of the ' ,facilities ' or services afforded by the Waterworks System shall be furnished without d . charge , being made ' therefore In the event that the City or any depart- ment , agency or instrumentality thereof shall avail itself - of the facilities or services afforded by the waterworks system, the reasonable value of the services and facilities • so afforded shall be chargea against . the "City or- iuch `depprta©ntj agency, or , instrumentality and shall be . paid for as the charges therefor accrue . _ T,he irQvnues • sp received 'fioR the t�itha4 be ?lee3efl A to be revenues derived frdm the operation of the waterworks' system , and shall be used and accounted . for in , the ; sane manner as , any other revenues derived from this operat.lon ' �f the waterworks system , • -1l- . , provided, however, , thtt nothing herein, shall be . 00nstrued as requiring the City or any dapartment , agencyi . or instrumentality thereof to avail itself of the facilities or servicesafforded - by the Waterworks Systemf SECTION g . All moneys paid as: . aecriied • interest on the bonds issued hereunder shall be paid to the City Treasurer and 'by him planed , in the waterworks ' Fievenue Bond road. (herein_ after erratsd) , and applied to the payment of interest payable on such bonds on thOr next interest payment date . SECTION .9. he Treasurer of the City shall be the . custodian of the revenues derived from the waterworks system - and shall give bond for the faithful discharge of all Butler as . sueh custodian ( the amount of such bond to be fixed and .. such -bond to be approved by this Council) . . ; :MTION 10 . Waterworks 81m4 . A fund is hereby created and designated Waterworks Runds into which there shall be placed as received all regenues derived from the operation . of the waterworks system; Such revenues . gre ' hereby pledged and shall be applied to the :payment of all bonds L,�sued hereunder and secured hereby and , the interest thereon # and to the - opari. . tion and maintenance df the Raterworks system and to providing an •dequato depreciation fundi in the manner hereinafter ,provided_. SFCT10N 11 . Naeorworks Revenue -Bond fund . ( 1) There shall be paid by the , City Treasurer from the Waterworks Fund Into a fund which is hereby. created. and , designated �faterworks ' Revenue Bond. fund. the' su" in the amounts and at the times hereinafter stated in subsection (2) for the purpose of ?roviding funds for the payment of the principal of and interest on the bonds as they mature according to the following ' schedule , and as . • reserrn . for contingencies _ji - m ") � • it It COUPON - BOND BoidD.,. TNTEREST YEAR RATE PRINCIPAL June 1 December 1 TOTAL 1949 2 $ 18p000. $111 , 895 . 00 $ llp 9M *00 $`, 41 , 790 .00 . 1950 2 � 180000 11 ,670 . 00 11 , 670 . 00: ' 41 , 340 . 00 1951 2 % - 19 , 000 11 , 445 . 00 ".. . 11 , 445 . 00 41 , 880 . 00 1952 2 % 19 , 000 11 ,,207 . 50 11 , 207 . 50 41 , 415 . 00 1953 2 % 200000 10 , 979 . 00 10. 0970 . 00 41 , 940A0 1954 2 % 21 , 000 , ' 10 , 720 : 00 101720 . 00 42 , 440,. 00 1955 2 % 21 , 000 ; 10 , 457 . 50 10p+57 . 50 41 , 915.00 1956 . 2 cO 0 22 , 000 10 ,195. . 00 10 , 195 . 004 429390 . 00 1957 2 239000 9 , 920 . 00 9 , 920 . 00" 42, 840 . 00 1958 2 23 , 000 9 ;632 : 50 9 , 632 50 . 42 , 265 .00 1959 3% 0 249000 1 4 9045 . 00 9 , 345 . 00 :: 't+2 ; 690•• 00 1960 3% • 21+ , 000 8 , 9,65 . 00 • . 8; 9 $5. 00 .. 1 41 , 970 . 00 1961 39 , 25 , 000 8 , 625 . 00 8 , 625 . 00 42 , 250 . 00 1962 .3% 26 000 ` ' 8 2 O, bO 8 . 250 . 00 2 500 . 06 i t � , 5. , , 4' , 1963 . 3 26 , 000 .. 7 , Sb0;, 007 , 41. �860t00 , 720900 ' 1964 3°0 270000 7 ,4.70 . 00 ' < 7 , 470 . 00 41 , 940000 1965 , 3% 28, 000 : � 7 ,,065- • 00 7 , 06.5 . 00 42-, 130: 00 1966 .;' 3� 29 , 000 ;, , F 'r ' , 6,45, tao I a• 6 , 645 . OD 42 , 290 : 00 1967 39 , f ,". i2� , bodt ` .' :, , 210,:00 '{ ;S �2j 'o . ao ; ./ 1 ;42otoo 1968 • 3N' : 30,, 000 l'. 5077, 540 k ,% 5 ,775 .250• ..` 41 , 550. 00 1969 . 3%* 31 , 000 5 , 325 . 00 i5 ,"325 • 0Oi 41 , 650 . 00 1970 3% 32 , 000 E "'4J�860, oQ 4, $60 . . 0 . . '`, 410720 . 00, . ' 1971 3� ' 3 3 , ')'0,0, ' a 4 , g0 - 00 4, 380: 00 ` !+1 , 760,. 00 1972 3p 34, OOd< 4". )"3p+885 . 0. 3 , 885,00 41 , 770 . 00 1973 ' 3� 35 , 000 3 , 375 . 0 3 , 375 . 00 , • 41 , 750 .00 • 1974 . 3% � '�. 36 ; 000 2 , 850. . 00 .2 , 85Q . 00 ' 410700 . 00 1975 ' 3% 37 , 000 . 2 , 310 . OQ 2010, . 00 419620 . 00 1976 3% 3'8, 004 10755e 00 1 , 755 . 00 . 41x510 . 00 1977 " ' 3% 39 , 000 ° 1 , 185 . 00 ° 1, 185 . 00 141 , 370600 1978 39� 4000.0¢ ' . 600 . 00 6"00-,90 ' ' 413p200 . 00 '( 2) , 'There shall be paid', by. the ' Ctty TFaasuraer from the +.. . I. Waterwork' s ' Fund ;into the Waterworks Revenue, Bond Fund , in , sub'= ;, i . ,• , stantially equal monthly payments , beginning , on the firtst business day off' the month aft'ertthe delivery .of the bonds and continuing on the first business. day of , each' ionto thereafter until all + the bonds, vith, interest issued under . this ordinance• have been' Paid in 'full , or provision . made ,for Isueh payment ; a sum. equal" to '' one- ; fif.th ( 1/ 5 ) ° of ' the :nemtt installment of interest and one-tenth , (1/10) of the , next installmerit ' of � rincipal'. of , the bonds and . the paying agent"' s fees ;, provi'ded,,, . t?.ov6ver , that vJhen yin, any ' fiscal year - no principal ' or . , interest •of the ' bonds is , in ';default and the amount in said Waterworks Revenue, Band FOnd . equals :the total amount required . for 'making _611 principal :and- interest payments on the bonds during the succ® edi:ng. 'trelve months , the amount so payable each month. into' said Fund shall equal one-tsixth (1/6) of the next installment of interest and , the paying . agentis . feesp • and one- twelfth ( 1/12) . of the next, installment of principal , and . the paying agents fees . -13 —