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<br />22 <br />NG-U9ZQVMF2/4912-7822-6452v4/200676-0008 <br />assessments levied in any ULID which may have been specifically created to pay part of the cost of <br />improvements to the Water & Sewer System for which such Subordinate Debt was specifically <br />issued. <br />(l) Collection of Delinquent ULID Assessments. The City will, on or before April 1 of <br />each calendar year (or such other annual date that is consistent with the collection of ULID <br />Assessments), determine all ULID Assessments or installments thereof that are delinquent and will <br />take all necessary action to enforce payment of such ULID Assessments, including real property <br />foreclosure actions pursuant to RCW Chapter 35.50, as amended, or its successor statute, if any, <br />against the property owners whose ULID Assessments are delinquent. <br />Section 17. Provisions for Future Parity Bonds <br />(a) Parity Conditions. The City reserves the right to issue Future Parity Bonds if the <br />Parity Conditions set forth in Exhibit B are met and complied with at the time of the issuance of <br />those Future Parity Bonds. <br />(b) Junior Liens. Nothing herein contained shall prevent the City from issuing revenue <br />bonds or other obligations that are a charge upon the Gross Revenue junior or inferior to the <br />payments required by this ordinance to be made out of such Gross Revenue into the Revenue Bond <br />Fund and accounts therein to pay and secure the payment of any Outstanding Parity Bonds, or from <br />pledging the payment of utility local improvement district assessments into a bond redemption fund <br />created for the payment of the principal of and interest on Subordinate Debt, as long as such utility <br />local improvement district assessments are levied for improvements constructed from the proceeds of <br />that Subordinate Debt. <br />(c) Refunding to Avoid Default. Nothing herein contained shall prevent the City from <br />issuing revenue bonds to refund maturing Parity Bonds for the payment of which money is not <br />otherwise available. <br />Section 18. Separate Utility Systems. The following provision shall automatically <br />become effective upon the Parity Covenant Date: The City may at any time create, acquire, <br />construct, finance, own and operate one or more systems for water, sanitary sewer, and storm and <br />surface water drainage systems (or other utility commodity or service), which systems are separate <br />from and in addition to the Water & Sewer System. The revenue of any such Separate Utility System <br />(and any utility local improvement district assessments payable solely with respect to improvements <br />to a Separate Utility System), may be excluded from the Gross Revenue and may be pledged to the <br />payment of revenue obligations that are issued to purchase, construct, condemn or otherwise acquire <br />or expand the Separate Utility System and are payable solely from the net revenues of that Separate <br />Utility System (and any utility local improvement district assessments payable solely with respect to <br />improvements to a Separate Utility System). Neither the Gross Revenue of the Water & Sewer System <br />nor the ULID Assessments (if any) may be pledged to the payment of any obligations of such a <br />Separate Utility System, except that the Net Revenue may be pledged on a basis subordinate to the <br />lien of the Parity Bonds. <br />Section 19. Contract Resource Obligations. The following provision shall automatically <br />become effective upon Parity Covenant Date: The City may at any time enter into one or more <br />Contract Resource Obligations for the acquisition, from facilities to be constructed or improved by <br />the use of payments under such Contract Resource Obligations, of water, sanitary sewer, and storm <br />and surface water drainage facilities, commodities, or services, or any other facility, commodity, or <br />service relating to the Water & Sewer System, consistent with the following: