Ordinance 4113 - Laserfiche WebLink

interest on all water revenue bonds of the City payable from the money in such Fund, including but not being limited to the Prior Lien Bonds , the Bonds and any Parity Bonds , and including the P. U. D. No. 1 Pay- ments . It is hereby provided, however, that normal and proper payments made for services performed for the Water Department of the City by other City departments and the employees thereof shall be considered as a normal cost of maintenance and operation of the System. Section 13. The City hereby further covenants and agrees with the owner and holder of each of the Bonds for as long as any of the same remain outstanding as follows : A. That it will not issue any Parity Bonds except that it re- serves the right , for First , the purpose of acquiring, constructing and installing additions , betterments and improvements to or extensions of, ac- quiring necessary equipment for, or making necessary replacements of or repairs to the System, or Second, the purpose of refunding or funding any outstanding water revenue bonds or water revenue warrants , coupon or other- wise , of the City , to issue Parity Bonds and to pledge that payments shall be made out of the Water System Fund into the 1965 Bond Redemption Fund and Reserve Account to pay and secure the payment of the principal of and interest on such Parity Bonds on a parity with the payments required herein to be made out of the Water System Fund into the 1965 Bond Redemption Fund and Reserve Account to pay and secure the payment of the principal of and interest on the Bonds , upon compliance with the following condi- tions : 1. That at the time of the issuance of such Parity Bonds there is no deficiency in the Prior Lien Bond Redemption Funds and in the 1965 Bond Redemption Fund and the Reserve Account . 16 .