Ordinance 3816 - Laserfiche WebLink

d. The words "Outstanding Parity Bonds" shall mean (1) The outstanding water revenue bonds of the city issued under date of October 1, 1957, of which issue there are now outstanding bonds in the total principal amount of $3, 705,000 (2) The outstanding water revenue bonds of the city issued under date of April 1, 1960, of which issue there are now outstanding bonds in the total principal amount of $115,000. The Outstanding Prior Lien Bonds and the Outstanding Parity Bonds are the only revenue bonds of the city out- standing at this time for the payment of the principal of and interest on which the gross revenue of the System has been pledged. e. The words "Bond Redemption Fund" shall mean the Fund of the city created by Section 5 of Ordinance No. 3633 of the city en- titled "Everett Water Revenue Bond Redemption Fund, " which Fund was created for the purpose of paying the principal of and interest on the Outstanding Parity Bonds and any water revenue bonds of the city issued on a parity therewith. f. The words "Reserve Account" shall mean the account of that name created in the Bond Redemption Fund by Section 6 of said Ordinance No. 3633 for the purpose of securing the payment of the principal of and intereston the Outstanding Parity Bonds and any bonds issued on a parity therewith. g. The words "Future Parity Bonds" shall mean the remaining $504,000 par value of water revenue bonds of the city which, under the provisions of said Ordinance No. 3633, may be issued on a parity with the Outstanding Parity Bonds and the Bonds. Section 2. The City Council hereby finds and determines, as required by Section 12 of Ordinance No. 3633 and Section 8 c of 3.