Ordinance 2298-98 - Laserfiche WebLink

This bond is payable solely from the special fund of the City known as the "1985 City of Everett Water and Sewer Revenue Bond Fund" (the "Revenue Bond Fund") created by Ordinance No. 1139-85 in the office of the City Treasurer. The City has irrevocably obligated and bound itself to pay into the Revenue Bond Fund out of Revenue of the System or from such other money as may be provided therefor certain amounts necessary to pay and secure the payment of the principal and interest on this bond. This bond is issued under and in accordance with the provisions of the Constitution and applicable statutes of the State of Washington and duly adopted ordinances of the City. The City hereby covenants and agrees with the owner and holder of this bond that it will keep and perform all the covenants of this bond and of the Bond Ordinance to be by it kept and performed, and reference is hereby made to the Bond Ordinance for a complete statement of such covenants. The City does hereby pledge and bind itself to set aside from the Revenue Fund out of the Revenue of the System and to pay into the Revenue Bond Fund and the accounts created therein the various amounts required by the Bond Ordinance to be paid into and maintained in such Fund and accounts, all within the times provided by the Bond Ordinance. To the extent more particularly provided by the Bond Ordinance, the amounts so pledged to be paid from the Revenue Fund out of the Revenue of the System into the Revenue Bond Fund and the accounts therein shall be a lien and charge thereon equal in rank to the lien and charge upon said Revenue of the amounts required to pay and secure the payment of the water and sewer revenue bonds of the City issued in 1988, 1992, 1993 and 1997, and any water and sewer revenue bonds hereafter issued on a parity with this bond and superior to all other liens and charges of any kind or nature, except the Costs of Maintenance and Operation of the System and the lien and charge of the amounts payable to Public Utility District No. 1 of Snohomish County under an agreement dated July 21, 1961, the water revenue bonds of the City dated December 1, 1965, and the sewer revenue bonds of the City dated May 1, 1969 (the "Previously Refunded Bonds"). The City has heretofore irrevocably made full provision for the payment of the Previously Refunded Bonds. The City has further bound itself to maintain the System in good repair, working order and condition, to operate the same in an efficient manner and at a reasonable cost, and to establish, maintain and collect rates and charges for as long as this bond is outstanding that will make available, for the payment of the principal thereof and interest thereon as the same shall become due, Net Revenue in an amount which, together with Assessment Income will be at least equal to the Coverage Requirement. The pledge of Revenue of the System and other obligations of the City under the Bond Ordinance may be discharged at or prior to the maturity or redemption of the bonds of this issue upon the making of provision for the payment thereof on the terms and conditions set forth in the Bond Ordinance. This bond is a special limited obligation of the City and is not an obligation of the State of Washington or an_;' political subdivision thereof other than the City, and neither the full faith -1 5- DOTOQ5 DOC 98/04/28