Ordinance 3633 - Laserfiche WebLink

to the System, to issue additional revenue bonds (herein called "Parity Revenue Bonds" as hereinbefore defined) and to pledge that payments shall be made out of the gross revenue of the System into the Bond Redemption Fund and the Reserve Account to pay and secure the payment of the principal of and interest on such Parity Revenue Bonds on a parity with the payments required herein to be made out of such gross revenue into such Fund and Account to pay and secure the payment of the principal of and interest on the Bonds, upon compliance with the following conditions: (1 ) That at the time of the issuance of such Parity Revenue Bonds there is no deficiency in the "Everett Special Water Revenue Bond Redemption Fund No . 7" and the reserve account (which fund and account were created to pay and secure the payment of the principal of and interest on the Outstanding Prior Lien Revenue Bonds) and in the Bond Redemption Fund and Reserve Account . And (2) That the city will covenant in each ordinance authoriz- ing the issuance of Parity Revenue Bonds 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 sanitmy sewerage system of the city is combined with the water system) sufficient to meet the same requirements contained in Section 11 (a) of this ordinance . That the city will also covenant and provide in each such ordinance that it will pay into and maintain in the Reserve Account the amounts required by Section 6 of this ordinance to be paid into and maintained in said Account . And (3) That at the time of the issuance of such Parity Revenue Bonds the city shall have on file a certificate executed by an in- dependent consulting engineer licensed to practice in the State of -15-