Ordinance 3768 - Laserfiche WebLink

for which the same were authorized, received, or set aside. Section 7 . That there be and is hereby created another special fund of the city to be known as the "Everett Sewer Revenue Bond Redemption Fund" (hereinbefore defined as the "Bond Redemption Fund") , which Fund is to be drawn upon for the sole purpose of pay- ing the principal of and interest on the Bonds and the principal of and interest on any Parity Revenue Bonds as the same shall become due. The City of Everett hereby obligates and binds itself to set aside and pay into the Bond Redemption Fund out of the Sewer Revenue Fund, the following fixed amounts necessary to pay the principal of and interest on the Bonds as the same respectively become due and payable. Such amounts shall be paid into the Bond Redemption Fund on or before the twentieth day of each month in the amounts hereinafter specified: (a) Beginning with the month of September, 1960 and con- tinuing as long as any of the Bonds are outstanding and unpaid, an amount equal to at least one-sixth of the interest to become due and payable on the next interest payment date on all of the Bonds then outstanding . (b) Beginning with the month of September, 1962 and con- tinuing as long as any of the Bonds are outstanding and unpaid, an amount equal to at least one-twelfth of the principal of the Bonds to become due and payable on the next principal payment date. Said amounts so pledged to be paid into the Bond Redemp- tion Fund and the amounts hereinafter pledged to be paid into the Reserve Account out of the Sewer Revenue Fund are hereby declared to be a prior lien and charge upon the money in the Sewer Revenue Fund superior to all other charges of any kind or nature (including any transfer of money to other funds of the city and taxes or pay- ments in lieu of taxes payable to the city) except the normal -17-