Ordinance 3754 - Laserfiche WebLink

Water Revenue Bond Redemption Fund. " 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. g. The words "Future Parity Bonds" shall mean the remaining $535,000 par value of revenue bonds of the city which, under the pro- visions of said Ordinance No. 3633 and this ordinance, 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 of the city, as follows: First, that the Bonds are being issued for the purpose of acquiring, constructing and installing additions and improvements to and extensions of the System. Second, that at the time of the adoption of this ordinance and at the time of the issuance and delivery of the Bonds there is not nor will there be any deficiency in the "Everett Special Water Revenue Bond Redemption Fund No. 7" and the Reserve Account therein (which Fund and Account were created to pay and secure the payment of the principal of and interest on the Outstanding Prior Lien Bonds) , nor is there now nor will there be at such time any deficiency in the Bond Redemption Fund and Reserve Account. Third, that by Section 6 of this ordinance the city has covenanted and provided that it will pay into and maintain in the Reserve Account the amounts required by Section 6 of Ordinance No. 3633 to be paid into and maintained in said Account for the purpose of securing the payment of the principal of and interest on the Bonds. That by Section 8 of this ordinance the city has covenanted and bound itself to establish, maintain and collect -3-