Ordinance 2690-03 - Laserfiche WebLink

Refunding Candidates means the 1993 Bonds maturing on July 1, 2004, through and including, July 1, 2007. Registered Owner means the person in whose name the Bond is registered on the Bond Register. Reserve Account means any a ccount created in the Revenue B and Fund to secure the payment of the principal of and interest on any P arity Bonds, including the common Reserve Account maintained pursuant to Section 8(c)(2) of this ordinance. Reserve Account Requirement means, with respect to any issue of Parity Bonds, the lesser o f(i) Maximum Annual D ebt S ervice o n such P arity Bonds, o r(ii) 1.25 times Average Annual Debt Service on such Parity Bonds. Reserve Surety Bond means the Municipal Bond Debt Service Reserve Insurance Policy issued by the Insurer guaranteeing certain payments into the common Reserve Account as provided therein and subject to the limitations set forth within. Revenue Bond Fund means the "1985 City of Everett Water and Sewer Revenue Bond Fund" created in the office of the Treasurer by Section 7 of Ordinance No. 1139-85 of the City for the sole purpose of paying and securing the payment of the principal of, premium, if any, and interest on Parity Bonds. Revenue Fund means the Water and Sewer Revenue Fund of the City created by Section 6 of Ordinance No. 536-78. Revenue of the System means all earnings, revenue and money received by the City from or on account of the operation of the System, except Assessment Income, and including the income from investments of money in the Revenue Fund and the Revenue Bond Fund or from any other investment thereof except the income from investments irrevocably pledged to the -10- P:\CMW\CMW5NP 04/22/03