Ordinance 3955 - Laserfiche WebLink

into the Bond Redemption Fund by the twentieth day of each month in amounts equal to at least one-sixth of the interest and one-twelfth of the principal next coming due on the Bonds . SIXTH: That the Council has been assured that at the time of the issuance of the Bonds the city will have on file a cnrtifi..cate executed by Mr. F. T. Osborne, an independent professional engineer licensed to practise in the State of Washington, who is experienced in the design and operation of municipal utilities, showing compliance with the requirements of Section 11 A (3) of Ordinance No . 3768 . The conditions contained in Section 11 of Ordinance No . 3768 having been complied with or assured, the payments required herein to be made out of the Sewer Revenue Fund into the Bond Redemp- tion Fund and Reserve Account to pay and secure the payment of the principal of and interest on the Bonds shall constitute a lien and charge upon the money in the Sewer Revenue Fund equal in rank with the lien and charge thereon for the payments required to be made into the Bond Redemption Fund and Reserve Account to pay and secure the payment of the principal of and interest on the Outstanding Parity Bonds . The city hereby further covenants and agrees that the Bonds will not be issued and delivered to the purchasers thereof as bonds on a parity with the Outstanding Parity Bonds until the above- described certificate from Mr . F. T. Osborne, in form and contents satisfactory to the city and its counsel, has been filed with the city. Section 3 . That for the purpose of providing $4,200,000 to pay part or all of the cost of acquiring, constructing and in- stalling the additions and improvements to and extensions of the sewerage system of the city authorized by Ordinance No . 3768, 5 .