Ordinance 2607-02 - Laserfiche WebLink

City means the City of Everett, a municipal corporation duly organized and existing under the laws of the State of Washington. Code means the federal Internal Revenue Code of 1986, as amended, and applicable regulations. Commission means the Securities and Exchange Commission. Common Reserve Requirement means the least of(a) Maximum Annual Debt Service on all outstanding Parity Bonds, (b) 1.25 times Average Annual Debt Service on all outstanding Parity Bonds, or(c) 10% of the net proceeds of all outstanding Parity Bonds. 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. Council means the general legislative body of the City as the same shall be duly and regularly constituted from time to time. Coverage Requirement means (a) for any period during which Assessments may be paid without becoming delinquent, the sum of(i)the product of Maximum Annual Debt Service on all Parity Bonds then outstanding times a fraction, the numerator of which is the aggregate principal amount of nondelinquent Assessments which remain to be paid into the Revenue Bond Fund plus the principal amount of Assessments previously paid into and then on hand in the Revenue Bond Fund, and the denominator of which is the aggregate principal amount of Parity Bonds then outstanding,plus (ii) 1.25 times the product of Maximum Annual Debt Service on all Parity Bonds then outstanding times the difference of 1 minus the fraction calculated pursuant to -4- P\CMW\CMW5BE 02/05/21