Ordinance 4083-25 - Laserfiche WebLink

Registered Owner, with the physical bond certificates held by and immobilized in the custody of the Securities Depository (or its designee), where the system for recording and identifying the transfer of the ownership interests of the Beneficial Owners in those Bonds is neither maintained by nor the responsibility of the City or the Bond Registrar. (16) "Capital Appreciation Bonds" means any series of Future Parity Bonds, all or a portion of the interest on which is compounded, accumulated, and payable only upon redemption or on the maturity date of such Capital Appreciation Bonds. A series of Future Parity Bonds may be deemed to be Capital Appreciation Bonds for only a portion of their term. Beginning on the date on which such Future Parity Bonds (or portion thereof) are no longer deemed to be Capital Appreciation Bonds, they shall be deemed outstanding in a principal amount equal to their Accreted Value. (17) "City" means the City of Everett, Washington, a municipal corporation duly organized and legally existing as charter city of the first class under the laws of the State. (18) "City Council" means the legislative authority of the City, as duly and regularly constituted from time to time. (19) "Code" means the United States Internal Revenue Code of 1986, as amended, and applicable rules and regulations promulgated from time to time thereunder. (20) "Common Reserve Subaccount" means the subaccount previously created in the office of the Finance Director known as "Fund 401—Water & Sewer Utility Fund" and maintained for the purpose of securing the payment of the principal of and interest on the Covered Bonds. (21) "Construction Fund" means the City's Fund 336—Water/Sewer System Improvement Projects Fund or such other fund, subfund, or account within the Water & Sewer System Fund as may be designated by the Finance Director for paying or reimbursing the costs of carrying out the Projects and paying the costs of issuance of the Bonds. (22) "Contract Resource Obligation" means an obligation of the City, designated as a Contract Resource Obligation in accordance with Section 19 of this ordinance, to make payments for water, sanitary sewer, and storm and surface water drainage system facilities, commodities, or services to another person or entity (including without limitation any Separate Utility System). (23) "Costs of Maintenance and Operation" means all necessary operating expenses, current maintenance expenses, expenses of reasonable upkeep and repairs, and insurance and administrative expense with respect to the System, but excludes depreciation, payments for debt service or into Reserve Accounts, costs of capital additions to or replacements of the System, municipal taxes, or payments to the City in lieu of taxes. (24) "Coverage Stabilization Account" means the account of that name maintained pursuant to Section 15 of this ordinance. (25) "Covered Bonds" means the Outstanding Parity Bonds and such Future Parity Bonds as may be designated by the Designated Representative, pursuant to the ordinance authorizing their issuance, as Covered Bonds secured by the Common Reserve Subaccount. In approving the Sale Terms for the Bonds (or any Series of the Bonds), the City's Designated Representative is authorized to designate the Bonds as Covered Bonds if it appears to such official that such designation is in the best interests of the City and its ratepayers. (26) "Credit Facility" means policy of municipal bond insurance (including Qualified Insurance), a letter of credit, surety bond, line of credit, guarantee, or other financial instrument (which may be a Qualified Reserve Security) or any combination of the foregoing, which