Ordinance 3955 - Laserfiche WebLink

The city further covenants and agrees that when said re- quired amounts have been deposited in the Reserve Account, it will at all times maintain those amounts therein until there is a suffi- cient amount in the Bond Redemption Fund and Reserve Account to pay the principal of, premium if any and interest on all outstanding bonds payable out of the Bond Redemption Fund, at which time the money in the Reserve Account may be used to pay such principal, pre- mium if any and interest; provided, however, that moneys in the Re- serve Account may be withdrawn to redeem and retire all the outstand- ing bonds of any issue or series payable out of the Bond Redemption Fund so long as the moneys left remaining on deposit in the Reserve Account are at least equal to the maximum amount required in any calendar year thereafter to pay the principal of and interest on all of the remaining outstanding bonds payable out of the Bond Redemption Fund . Section 8 . The corporate authorities of the city hereby declare that in fixing the amounts to be paid into the Bond Redemp- tion Fund and the Reserve Account as hereinbefore provided they have exercised due regard to the normal expenses of maintenance and operation of the System and to the amounts required to pay and secure the payment of the principal of and interest on the Outstanding Parity Bonds and have not obligated the city to set aside and pay into said Fund and Account a greater amount of the revenue of the System than in their judgment will be available over and above such normal ex- penses of maintenance and operation and the amounts necessary to pay the principal of and interest on such Outstanding Parity Bonds . Section 9. The City of Everett hereby 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: 10 .