2025/03/12 Council Agenda Packet

10 NG-U9ZQVMF2/4912-7822-6452v4/200676-0008 and maintained in a subaccount within the Revenue Bond Fund that is held separate from the Common Reserve Subaccount securing the Covered Bonds. (65) “Revenue Bond Fund” means, together, (i) the Bond Redemption Subaccount and (ii) the Common Reserve Subaccount. (66) “Revenue of the System” means Gross Revenue. (67) “Revenue Fund” means the Water & Sewer System Revenue Fund. (68) “Rule 15c2-12” means Rule 15c2-12 promulgated by the SEC under the Securities Exchange Act of 1934, as amended. (69) “Sale Terms” means the terms and conditions for the sale of a Series of the Bonds including but not limited to the amount, date or dates, denominations, interest rate or rates (or mechanism for determining interest rate or rates), payment dates, final maturity, redemption rights, price, and other terms, conditions or covenants. The parameters for certain Sale Terms are set forth in Exhibit C. (70) “SEC” means the United States Securities and Exchange Commission. (71) “Securities Depository” means DTC, any successor thereto, any substitute securities depository selected by the City that is qualified under applicable laws and regulations to provide the services proposed to be provided by it, or the nominee of any of the foregoing. (72) “Separate Utility System” means any water, sanitary sewer, and storm and surface water drainage systems, or other utility service or facilities that may be created, acquired or constructed by the City as provided in Section 18 of this ordinance. (73) “Series of the Bonds” or “Series” means a series of the Bonds issued pursuant to this ordinance. (74) “State” means the State of Washington. (75) “Subordinate Debt” means any obligation of the Water & Sewer System that is payable from Net Revenue on a basis that is junior and inferior to the lien and charge on the Net Revenue in respect of the Parity Bonds. (76) “System” means the Water & Sewer System. (77) “System of Registration” means the system of registration for the City’s bonds and other obligations set forth in in chapter 3.18 of the Everett Municipal Code and in this ordinance. (78) “Tax Credit Subsidy Bond” means any bond that is designated by the City as a type of tax credit bond authorized under the Code and which is further designated as a “qualified bond” under provisions of the Code providing for “direct-pay” tax credit bonds. (79) “Tax Credit Subsidy Payment” means the federal subsidy amounts that may be requested as a tax credit payable by the United States Treasury in respect of any bonds issued as Tax Credit Subsidy Bonds. (80) “Tax Maximum” means the maximum dollar amount permitted by the Code, to be allocated to a debt service Reserve Account from bond proceeds without requiring the balance to be invested at a restricted yield. (81) “Term Bond” means a Parity Bond designated as a Term Bond and subject to mandatory redemption in the years and amounts set forth in the relevant Bond Purchase Agreement.