Ordinance 3945 - Laserfiche WebLink

will have been paid into said Reserve Account the sum of $30,000, and thereafter the sum of $3, 750 per month so that by October 1, 1968 the sum of $255,000 will have been set aside and paid into the Reserve Account . The City hereby further covenants and agrees that after October 1, 1968 and prior to October 1, 1972, the additional sum of $100, 000 will be paid into the Reserve Account out of money in the Water System Fund or any other moneys avail- able for such purpose, including but not being limited to the Bond Redemption Fund No. 7. money in the reserve account in the Everett Special Water Revenue/ The City further agrees that it will at all times main- tain such amounts in the Reserve Account until there is a sufficient amount in the 1963 Bond Redemption Fund and Reserve Account to pay the principal of, premium if any, and interest on all of the Bonds outstanding, at which time the money in the Reserve Account may be used to pay such principal, premium if any, and interest . In the event the Bonds outstanding are ever refunded, the money in such Reserve account may be used to retire Bonds or may be transferred to any reserve account which may be created to secure the payment of the bonds issued to refund the Bonds out- standing . In the event the moneys in the 1963 Bond Redemption Fund over and above the amount therein set aside and credited to the Reserve Account are insufficient to meet maturing installments of either interest on or principal of and interest on the Bonds outstanding, such deficiency shall be made up from the Reserve Account by the withdrawal of cash therefrom. Any deficiency created in the Reserve Account bv reason of any such withdrawal ! . rren oe made 1, p ri'_).L 2''annd and/or those portions of the monthly demand or minimum charge payments made by Weyerhaeuser Timber Company and Scott Paper Company and 16 .