Ordinance 3633 - Laserfiche WebLink

interest on any revenue bonds of the city which it may later issue having a lien upon the gross revenue of the System for the payment of such principal and interest junior and inferior to that of the Bonds and any Parity Revenue Bonds Fifth, to the Capital Improvement Fund as required in Section 8 hereof, shall first be used to accelerate the accumulation of money in the Reserve Account to its maximum requirement, and after all of the above payments shall have been made the remaining amount of such gross earnings and revenue of the System shall be paid into the "Everett Water System Fund" and may be used for all proper purposes pertaining to the System, including the redemption of any and all bonds payable out of the gross revenue of the System prior to their maturity by call as authorized, or by purchase of any of such bonds in the open market for retirement only at not more than par and ac- crued interest. Section 11 . The City of Everett hereby covenants with the owner and holder of each of the Bonds for as long as any of the same remain outstanding as follows: (a) That it will establish, maintain and collect rates and charges for water supplied (and for sanitary sewage collection and disposal service furnished in the event that the sanitary sewage system of the city is combined with the water system) for as long as any of the Outstanding Prior Lien Revenue Bonds, the Bonds, and any Parity Revenue Bonds are outstanding, that will make available for the payment of the principal of and interest on all of such bonds as the same shall become due an amount equal to at least 1.25 times the maximum amount required in any calendar year hereafter for the payment of all of such principal and interest after normal costs of maintenance and operation -12-