Ordinance 3633 - Laserfiche WebLink

(b ) The word "System" shall mean the existing water supply and distribution system of the city as the same may be added to, im- proat and extended out of the proceeds of the sale of the Bonds and as it may later be added to, improved and extended for as long as any of the Bonds are outstanding--which additions, improvements and ex- tensions may include the sanitary sewage disposal system of the city should the same ever be combined with the water supply and distribu- tion system of the city in the manner authorized by law. (c ) The words "Outstanding Prior Lien Revenue Bonds" shall mean the outstanding water revenue bonds of the city issued under date of July 1, 1952, of which issue there are now outstanding bonds in the total principal amount of $1,113,000. The Outstanding Prior Lien Revenue Bonds are the only revenue bonds of the city outstanding at this time for the payment of the principal of and. interest on which the gross revenue of the System has been pledged. (d) The words "Bond Redemption Fund" shall mean the fund of the city entitled Everett Water Revenue Bond Redemption Fund created in Section 5 of this ordinance . The words "Reserve Account" shall mean the account of that name created in the Bond Redemption Fund in Section 6 of this ordinance . (e) The words "Parity Revenue Bonds" shall mean revenue bonds of the city other than the Bonds in a total principal amount of not to exceed $650,000 issued under an ordinance or ordinances wherein the city pledges that the payments to 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 3650,000 of bonds will be on a parity with the payments required to be made out of such gross revenue into the Bond Redemption Fund and the Reserve Account to pay and secure the payment of the principal of and interest on the Bonds. -2-