Ordinance 2607-02 - Laserfiche WebLink

paying the principal of, premium, if any, and interest on Parity Bonds. There is hereby created within the Debt Service Account a special subaccount to be known and designated as the "2002 City of Everett Water and Sewer Revenue Bond Debt Service Subaccount" (the "2002 Debt Service Subaccount"), which shall be drawn upon for the purpose of paying the principal of, premium, if any, and interest on the Bonds, and which, together with other money in the Debt Service Account, may be used to pay the principal of and interest on any Parity Bonds heretofore or hereafter issued. As long as the Bonds remain outstanding,the City hereby irrevocably obligates and binds itself to set aside and pay from the Revenue Fund into the 2002 Debt Service Subaccount on or before the date due those amounts necessary, together with Assessment Income deposited and such other money as is on hand and available therefor in the 2002 Debt Service Subaccount, to pay the interest or principal and interest next coming due on the Bonds. References in this ordinance to the Debt Service Account and Revenue Bond Fund shall, unless otherwise stated, include the 2002 Debt Service Subaccount. Notwithstanding anything in Section 8(e) hereof to the contrary, money in the 2002 Debt Service Subaccount may be used to pay any arbitrage rebate, if any, to the extent the rebate is attributable to earnings on money in the 2002 Debt Service Subaccount. (b) Sinking Fund Accounts. The City covenants and agrees that in the event it issues any future Parity Bonds that are Term Bonds, it will provide in each ordinance authorizing the issuance of the same for the creation of a Sinking Fund Account and for regular monthly payments to be made from the Revenue Fund into such Sinking Fund Account sufficient, together with Assessment Income deposited and such other money as is on hand and available therefor in such account, to amortize the principal of such future Parity Bonds that are Term -20- P\CMW\CMW5BE 02/05/21