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If on May 15, 1983 or on any May' 15th of any year thereafter, the Director of Finance determines that there will be in the Retirement Fund an amount at least sufficient, including premiums, to call $5,000 principal amount of term bonds or more, the Director of Finance shall then call and redeem term bonds from minimum term bond payments deposited in the Retirement Fund, together with the amount to be so deposited prior to the next available July 1 redemption date, in the largest amount which can be redeemed w~th the money to be available at said redemption date. Money in the Retirement Fund may be invested in any authorized investments, provided that the maturity or maturities thereof shall not be later than the date or dates on which money must be available in the Retirement Fund for call or retirement of bonds. If after all of the bonds and any parity bonds have been redeemed and cancelled or paid and cancelled there are any moneys remaining in the Retirement Fund said money shall be transferred to the Revenue Fund; provided, however, th, at if said moneys are part of the proceeds of re- funding bonds said moneys shall be transferred to the fund or account created for the payment of the principal of such refunding bonds. (e) Reserve l~und. From any available funds of the city including the Water Utility Fnnd, $150,000 thereof shall be immediately placed in the Reserve Fund, created by this resolution and shall be invested in any authorized investments, provided that the maturity of said investment shall not be Iater than twelve years from the date thereof. The interest earned on such investment shall be credited to said fund until there shall be in said fund an amount equal to the maximum amount of annual debt service and thereafter there shall be maintained in said fund an amount equaI to said maximum amount of annual debt service. Upon the sale of any parity bonds there shall be immediately placed in the Reserve Fund from any avMiable funds of the city including the Water Utility Fund an amount which will make the Reserve Fund equal to the maximum amount of annual debt service and thereafter there shall be maintained in said Reserve Fund an amount at least equal to said maximum amount of annual debt service. Moneys in the Reserve Fund shall be used solely for the purpose of paying the principal of and interest on the bonds or any parity bonds and for the redemption of the term bonds (including premiums thereon) in the principal amounts provided herein in the event that the moneys in the Interest Fund or the Retirement Fund are insufficient therefor and for that purpose the Director of Finance shall withdraw and transfer moneys from the Reserve Fund to the appropriate fund as the case may be. Whenever moneys are withdrawn from the Reserve Fund for the pur- poses provided in this section an equal amount of money shall be placed in the Reserve Fund from the first available moneys in the Revenue Fund. At least annually an amount in the Reserve Fund in excess of the maximum amount of annual debt service shall be transferred to the Revenue Fund. Money in the Reserve Fund may be used to pay the principal and/or interest on thc last outstanding maturity of the bonds or any parity bonds. (f) Water Utility Fund. All moneys remaining in the Revenue Fund on or before the last business day of each month, after setting aside and transferring all the sums required to be set aside and transferred by the preceding paragraphs of this section, shall be transferred to the Water Utility Fund. The necessary and reasonable maintenance and operation costs of the enterprise shall be paid from this fund and shall be separately accounted for as maintenance and operation expenses. (g) Surplus. After the above transfers and uses have been made and all other covenants of the city contained herein have been duly performed moneys in the Water Utility Fund are surplus and may be (1) used for extensions and betterments of the water system; (ii) invested in any securities in which the city may invest funds subject to its control; (iii) transferred to the Retirement Fund to be used for the redemption of any of said bonds which are subject