The Ypsilanti daily press., 1943-06-12
Legal Notices

BY which each such payment
exceeds such aggregate amount of
principal and interest shall be held
in the Bond Fund as a reserve for
deficiencies and used solely in ac-
cordance with the provisions hereof
and II at the end Of any fiscal year
there shall remain any surplus in the
operation OF said hospital, after pay
ing operating expenses provided Tor
in Operation and Maintenance Fund,
said amount shall be paid into the
Bond and Interest Redemption Fund
as a reserve 10 take care of the prln-
cipal and interest coming due in the
future, and any amount so paid into
said Bond Fund as above provided.
shall be used for the payment OF
any interest bond and principal OF
the bonds becoming due in any year.
All monies paid into said Bond and
Redemption Fund, as above provided
shall be deposited into the lpsilanti
Savings Bank--a banking corpora
tion organized under the laws of the
state OF Michigan. and the deposits
continuously secured by valid
pledge of direct obligations of the
United states Government having an
aggregate market value. at all times
at least equal TO the sum on deposit
in said Bond Fund or shall be In
' -
the United States Government, de-
posted with such bank under an es-
crow agreement containing suitable
provisions for the sale Of such OBJ
legations when IL shall prove neces-
sary to draw upon said Bond Fund.
teD Depreciation Fund: out of the
remaining gross revenues there shall
be set aside sums sufficient to build
up a reasonable reserve for deprecia-
tt,n for .aid bOSDital
(d) Contingent Fund; out of the
remaining gross revenues there shall
be set aside sums sufficient to build
up a reserve for reasonable and
proper improvements and betterment
of said hospital.
(e) Surplus: Any surplus accumu-
lated in the Operation and Mainten-
ance Fund which may be in excess of
the cost of operating and maintaining
said hospital during the remainder
of the then present and next ensuing
fiscal year shall be transferred to
the Bond Fund. and any monies in
the Depre ciation Fund in excess Of
the amount necessary for probable
replacement to be needed during the
then present and next ensuing fiscal
year. as determined by the Common
Council, shall be transferred to the
Bond Fund, and any monies in the
Contingent Fund in excess of the
amount necessary for reasonable and
proper betteTments during the then
present and next ensuing fiscal year
shall b transferred to the Bond
Fund. provided however, tnat any
such transfers from said three funds
to the Bond Fund shall not operate
as an abatement of the Bond Fund
requirements hereinbefore set forth.
Section Is. The gross revenues de-
rived from the operation of the hos
Npsilanti Savings Bank-a Michigan
banking corporation, in the separate
and special funds hereinaboVe de-
scribed and each of said designated
funds held therein shall he impres sed
with a trust for the benefit OF those
entitled thereto.
Section Is. Such bonds shall be
sold and the proceeds applied in &C
cordance with the provisions of said
acts of the Public Acts OF Michigan
above referred to.
Section IT. The lpsilanti Savings
Bank Of Npsilanti. Michigan, is here
by designated as a depository of the
proceeds Of the sale of such bonds
and OF the revenues of such hos
pital and on the written acceptance
of such trust and the giving of Sc
curity therefor in accordance with
the law and to the satisfaction of
the Council. as above set forth, all
such monies shall he deposited in
said bank to the credit of the appro-
pirate funds.
Section ID. The bonds hereby au-
thoriZed shall he in substantially the