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516/74 For the payment of the term bonds of this series, there shall be transferred as provided hereinafter from the Revenue Fund and set aside in the Retirement Fund an amount not less than the minimam amount hereinafter specified. Such transfer shall in no event be less than the amount (herein sometimes referred to as "minimum term bond payments") which will be sufficient to call and redeem said term bonds (including premiums, if any, thereon) in the following respective minimum principal amounts on July 1 in each of the following years, to wit: Minimum Amount Minimum Amount Year Each Year Year Each Year 1990 ........................................ $ 50,000 1991 ...................................... 50,000 1992 ........................................ 50,000 1993 ........................................ 50,000 1994 ........................................ 50,000 1995 ........................................ $190,000 1996 ..................................... 200,000 1997 ........................................ 210,000 1998 ....................................... 220,000 1999 ........................................ 240,000 On the last business day of each calendar momh, commencing in the month of July 1989, the Director of Finance shall set aside out of the Revenue Fund into the Retirement Fund at least one-twelfth (I/12) of the amount needed to call and redeem the minimum amount of the term bonds within the next ensuing 12 months as provided in the above table, it being the intent of this provision that the respective minimum amounts necessary to call and redeem the 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 redemption 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/or calling and redeeming 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 of this series 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 of this series subject to such call and redemption (irrespective of the number of such bonds), either at public or private sale or other- wise, 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. If on May 15, 1990 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, if any, thereon to call $5,000 principal amount of the term bonds of this series 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 with the money to be available at said redemption date. Moneys 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 outstanding bonds have been redeemed and cancelled or paid and cancelled there are any moneys remaining in the Retirement Fund said moneys shall be transferred to the Revenue Fund; provided, however, that if said moneys are part of the proceeds of refunding bonds said moneys shall be transferred to the fund or account created for the payment of the principal of such refunding bonds. Under this resolution and in the event any subsequent resolution provides for the issuance of term bonds, the minimum term bond payments to be placed in the Retirement Fund for term bonds of this series and for any outstanding term bonds shall rank on a parity with the minimum term bond payments to be placed in the Retirement Fund for the redemption of the term bonds of Series C.