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upon such Revenue have heretofore been made to pay and secure the payment of the principal of <br /> and interest on the Parity Bonds and which may hereafter be made to pay and secure the payment <br /> of the principal of and interest on any future Parity Bonds, and prior and superior to all other <br /> charges of any kind or nature whatsoever. <br /> E. Application and Investment of Money in Revenue Bond Fund. Money in <br /> the Debt Service Account, any Sinking Fund Account and any Reserve Account shall be invested <br /> in Permitted Investments as permitted by law. Investments in the Debt Service Account and any <br /> Sinking Fund Account shall mature prior to the date on which such money shall be needed for <br /> required interest or principal payments. Investments in any Reserve Account shall mature not <br /> later than the last maturity of the Parity Bonds secured thereby. All interest earned and income <br /> derived by virtue of such investments shall remain in the Revenue Bond Fund and be used to <br /> meet the required deposits into any account therein. <br /> F. Sufficiency of Revenues. The Council hereby finds that in fixing the <br /> amounts to be paid into the Revenue Bond Fund out of the Revenue of the System, it has <br /> exercised due regard for the Costs of Maintenance and Operation and has not obligated the City <br /> to set aside and pay into such Fund a greater amount of such Revenue than in its judgment will <br /> be available over and above the Costs of Maintenance and Operation. <br /> Section 11. Defeasance. In the event that money (other than bond insurance proceeds) <br /> and/or "Government Obligations," as such obligations are now or may hereafter be defined in <br /> Chapter 39.53 R.C.W., maturing at such time or times and bearing interest to be earned thereon <br /> in amounts sufficient to redeem and retire the Bond in accordance with its terms are set aside in a <br /> special account to effect such redemption or retirement and such money and the principal of and <br /> interest on such obligations are irrevocably set aside and pledged for such purpose, then no <br /> further payments need be made into the Revenue Bond Fund for the payment of the principal of <br /> and interest on the Bonds, and the Bond shall cease to be entitled to any lien, benefit or security <br /> _24_ DOT005 DOC 98/04/28 <br />