Ordinance 2607-02 - Laserfiche WebLink

Sixth, to make all payments required to be made into the 1993 Reserve Account, the 1997 Reserve Account, and into any Reserve Account heretofore or hereafter created to secure the payment of the principal of and interest on Parity Bonds and to make any payments to one or more Qualified Insurers with respect to draws on any surety bond provided to satisfy the Reserve Account Requirement or Common Reserve Requirement for any Parity Bonds; Seventh, to make all payments required to be made into any revenue bond redemption fund, revenue warrant redemption fund, debt service account, reserve account or sinking fund account created to pay and secure the payment of the principal of and interest on any revenue bonds, or revenue warrants or other revenue obligations of the City having a lien upon the Revenue of the System junior and inferior to the lien thereon for the payment of the principal of and interest on the Parity Bonds; Eighth, to retire by redemption or purchase in the open market any outstanding water and sewer revenue bonds or revenue warrants of the City, to make necessary additions, betterments, improvements and repairs to or extensions and replacements of the System, or for any other lawful City purposes. Section 8. Payments into Revenue Bond Fund. A special fund of the City known as the "1985 City of Everett Water and Sewer Revenue Bond Fund" (the "Revenue Bond Fund") has been created in the office of the Treasurer for the sole purpose of paying and securing the payment of Parity Bonds. The City hereby irrevocably covenants and agrees to pay the Assessments levied in any water or sewer utility local improvement district of the City into the Revenue Bond Fund. (a) Payments into Debt Service Account. A special account to be known as the "Debt Service Account" has been created in the Revenue Bond Fund for the purpose of -19- P\CMW\CMW5BE 02/05/21