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(d) Retirement Fund. For the payment of the serial bonds on or before the last business day of each calendar month so long as any of such bonds are outstanding the Director of Finance shall set aside out of the Revenue Fund into the Retirement Fund, at least one-twelfth (1/12) of the principal amount of such bonds which will mature and be payable within the next ensuing twelve (12) months. Such sums shall be so transferred that at least the full amount required to pay as it becomes due any maturity or installment of principal of such bonds shall be set aside in the Retirement Fund prior to the date the installment of principal becomes due. Any amount required to be set aside, transferred to and placed in the Retirement Fund may be prepaid in whole or in part by being earlier set aside, transferred to and placed in the Retire- ment Fund, and in that event the monthly transfer which has been so prepaid need not be made at the time appointed therefor. In any event prior to the due date of any installment of principal on such serial bonds all sums required for the payment thereof must be in the Retirement Fund. The bonds shall recite that they are payable from the Revenue Fund, but said bonds notwith~ standing such recital shall be paid from the Retirement Fund which is derived from the Revenue Fund. For the payment of the term bonds on or before the last business of each calendar month, commencing in the month of July, 1982, there shall be transferred from the Revenue Fund and set aside in the Retirement Fund an amount not less than the minimum amount hereinafter specified. Such transfer shall in no event be less than the amounts (herein sometimes referred to as "rain, hum term bond payments") which will be sufficient to call and redeem said term bonds (including premiums thereon) in the following respective minimum principal amounts on July 1 in each of the following years, to wit: Minimum Amount Year Each Year 1983 ............................ $120,000 1984 ............................ 130,000 1985 ............................ 140,000 1986 ............................ 140,000 1987 ............................ 150,000 Minimum Amount Year Each Year 1988 ............................ $150,000 1989 ............................ 160,000 1990 ............................ 160,000 1991 ............................ 170,000 1992 ............................ 180,000 The minimum term bond payment to be made on the last business day of each calendar month as aforesaid shall be at least one-twelfth (1/12) of the amount needed in each year to call and redeem the minimum amount of term bonds according to the above table, it being the intent of this provision that the respective minimum amounts necessary to call and redeem term bonds according to the above table (or to purchase all or any part of such bonds in lieu of call and redemption prior to maturity) shall be transferred to the Retirement Fund prior to the redemp- tion date. In the event that the transfer made for any month is less than the minimum term bond payment for that month because of lack of funds or for any other reason the deficiency shall be added to and become a part of the minimum term bond payment required for the following month. Except as hereinafter provided, moneys in the Retirement Fund set aside for the minimum term bond payments shall be used solely for the purpose of purchasing and for calling and re- deeming said term bonds prior to maturity. Money in said fund in excess of that which has been set aside for the purpose of redeeming bonds which have been called prior to maturity may be used to purchase from time to time on the open market any of the outstanding bonds subject to such call and redemption (irrespective of the number of such bonds), either at public or private sale or otherwise, but the purchase price (including brokerage or other charges, but excluding accrued interest) shall not exceed the redemption price thereof on the next interest payment date. 8