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WHEREAS, it appears to the Council that it is in the best interests of the City and <br /> ratepayers of the System that the refunding bond be sold to the Bank on the terms set forth in its <br /> purchase offer and in this ordinance; <br /> NOW, THEREFORE,the City of Everett does ordain, as follows: <br /> Section 1. Definitions. As used in this ordinance the following words shall have the <br /> following meanings: <br /> "Annual Debt Service" means, with respect to any issue of Parity Bonds, the amount <br /> required in a given calendar year for the payment of the principal of and interest on such Parity <br /> Bonds, except interest to be paid from the proceeds of such Parity Bonds. In the event such <br /> Parity Bonds include Term Bonds, the words "principal of and interest on the Parity Bonds" shall <br /> be deemed to exclude from "principal" an amount of Term Bonds equal to the mandatory <br /> deposits of money into any Sinking Fund Account to provide for payment of the principal of <br /> such Term Bonds, and from "interest" the interest on such Term Bonds subsequent to the date of <br /> the respective deposits, and to include in lieu thereof all mandatory sinking fund deposits as of <br /> the date required and interest on the Term Bonds provided for by such deposits only to the dates <br /> of the respective deposits. <br /> "Arbitrage and Tax Certification" means the certificate executed by the Finance Director <br /> of the City pertaining to the calculation and payment of any Rebate Amount with respect to the <br /> Bond. <br /> "Assessments" means any assessments levied in any utility local improvement district of <br /> the City created for the acquisition or construction of additions and improvements to and <br /> extensions of the System, if such assessments are pledged to be paid into the Revenue Bond <br /> Fund. The word "Assessments" shall also include any installments of assessments and any <br /> interest or penalties that may be due thereon. <br /> "Assessment Income" means the principal of and interest on assessments levied in any <br /> utility local improvement district and pledged to be paid into the Revenue Bond Fund. In the <br /> -3- DOTOQ5 DOC 98/04/28 <br />