12-30-1959 VCM Extract - Laserfiche WebLink

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liquor dispensary building, and from the sale of equipment or furnishings purchased for the dispensary and not needed to be retained, are herein called “gross revenues” and shall be paid into the Liquor Dispensary Fund and apportioned at least monthly to the several accounts therein starting January 1, 1960. Upon each such apportionment there shall be credited to the Operation and Maintenance Account such portion of the gross revenues as shall be needed, together with the balance then on hand therein, to pay all claims then due and to become due within the succeeding month in respect of expenses of operation and maintenance as above defined, and to maintain a reasonable reserve for operation and maintenance emergencies. All gross revenues from time to time received in excess of the amounts hereby appropriated to the Operation and Maintenance Account are herein termed “net revenues”. 2.3 There shall also be a “Revenue Bond Account”, to which there shall be credited each month out of said net revenues an amount equal to at least one-twelfth of the sum of the principal and interest payable within the next twelve months on the bonds herein authorized, and on any additional bonds issued in accordance with subsection 2.6 and 2.7 hereof. Moneys in said account shall be used only for the payment of such principal and interest when due; provided, however, that if in the month of December of each year there are moneys on hand in said st account in excess of principal and interest falling due on the next 1 day of January, such excess moneys shall be forthwith transferred to the Reserve Account hereinafter described and used for the purposes therein stated, or in the event that the required balance has been accumulated and remains in said Reserve Account, such excess moneys shall be forthwith transferred to the Surplus Net Revenue Account hereinafter described and used for the purposes therein stated. 2.4 There shall also be a “Reserve Account”, to which there shall be credited, out of the price paid for said bonds by the purchaser, all accrued interest paid by the purchaser on the entire bond issue. There shall also be credited to said account each month, from the remaining net revenues not paid into the Revenue Bond Account the sum of $500, until there shall be accumulated a balance in amount not less than the largest aggregate amount of principal and interest coming due on the bonds issued hereunder in any year of the term of said bonds. Moneys in said account shall be used only for the payment of principal and interest due on said bonds and only when moneys in the Revenue Account are insufficient therefor, and whenever so used shall be restored by the transfer of additional net revenues to the foregoing amount. 2.5 There shall also be a “Surplus Net Revenue Account”, to which these shall be credited as received all net revenues in excess of those appropriated to the other accounts of the Liquor Dispensary Fund. Moneys in said account shall be available and shall be used whenever required to restore any deficiency in the payments required to be made from the Revenue Bond Account and the balance requirement to be maintained in the Reserve Account. Moneys in the Surplus Net Revenue Account not required to be paid into the Revenue Account may be applied to the payment or prepayment of any bonds of the Village, or may be used to repair or improve or buy stock or equipment for the dispensary, or may be transferred to any other funds of the Village and used for any other proper corporate purpose. 2.6 The Village reserves the right and privilege of issuing and selling refunding bonds if and to the extent needed to refund maturing bonds of the issue herein authorized, if moneys in the Liquor Dispensary Fund are at any time insufficient for the payment in full of the principal and interest due thereon, which refunding bonds shall be payable from the Revenue Bond Account on a parity with