Ordinance 2298-98 - Laserfiche WebLink

case of assessments payable in installments, Assessment Income shall be allocated to the years in which it would be received if the unpaid principal balance of each assessment roll were paid in equal principal amounts over the remaining number of installments with interest on the declining balance at the times and at the rate provided in the ordinance confirming the assessment roll. "Average Annual Debt Service" means, with respect to any issue of Parity Bonds, the average amount of Annual Debt Service which will become due on such Parity Bonds for the period from the date of such calculation until the final maturity date of such Parity Bonds then outstanding. "Bank" means Bank of America National Trust and Savings Association, doing business as Seafirst Bank. "Bond" means the $6,075,000 principal amount of water and sewer revenue refunding bonds of the City issued pursuant to this ordinance to refund the Refunded Bond. "Bond Register" means the books or records maintained by the Bond Registrar for the purpose of registration of the Bond. "Bond Registrar" or "Registrar" means the Treasurer, for the purposes of registering and authenticating the Bond, maintaining the Bond Register, and paying the principal of, premium, if any, and interest on the Bond. "City" means the City of Everett, a municipal corporation duly organized and existing under the laws of the State of Washington. "Code" means the federal Internal Revenue Code of 1986, as amended, and applicable regulations. "Common Reserve Requirement" means: (A) so long as the 1992 Bonds are outstanding, the lesser of (i)Maximum Annual Debt Service on all outstanding Parity Bonds; or (ii) 1.25 times Average Annual Debt Service on all outstanding Parity Bonds, or(B) after such time as no 1997 Bonds are outstanding, the least of (i) Maximum Annual Debt Service on all outstanding -4- DOTOQ5 DOC 98/04/28