437

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There shall be and there is hereby created an account to
be known as the "Bond and Interest Redemption Fund" (herein
sometimes called the "Bond Fund"), which shall be used solely and
only for the purpose of paying the principal of and interest on
said bonds. No part of the gross revenues received in any month
for the services and facilities rendered by the said buildings shall
be used for any other purpose until there shall first have been set
aside therefrom and paid into the Bond Fund the proper proportionate
part of the next installment of interest and principal of the bonds
as hereinafter more fully provided. During the first five years
after the date when the said buildings are first put into operating
service, the amount of said revenue so payable into the Bond Fund at t
the end of each month shall equal one-fifth of the next maturing
installment of interest and one-tenth of the next maturing installment
of principal. During each of the following years (after the first
five years) the amount so payable at the end of each month into
the Bond Fund shall equal one-sixth of the next maturing installment
of interest and one-twelfth of the next maturing installment of
principal of bonds. In the event the gross revenue in any month
shall be insufficient to make the aforesaid payments in full, any
such deficiency shall be paid into such Bond Fund from the first
gross revenues of the said buildings thereafter received, it being
the intent of this section that during the first five years of
operation the sums so paid into such fund shall be in excess of
the actual requirements for the payment of principal and in terest
during such years, and that all such excess sums paid into the
Bond Fund from the operation or from any other source shall be held
in said fund as a reserve for contingencies to insure against
default in the payment of the principal and interest of said bonds.
In the event that the sums paid into said fund in any period shall
be insufficient to meet all payments of principal and interest
falling due on the bonds in such period, any funds held in the
reserve for contingencies may be used for such payments, but such
reserve shall be reimbursed therefor from the first available
revenue in excess of required payments of the then fiscal year,
of the Bond Fund; provided, however, that the University