Ordinance 2690-03 - Laserfiche WebLink

(k) Collection and Application of Assessments. The City will promptly collect all outstanding Assessments and pay the same into the Revenue Bond Fund. Such Assessments may be used to meet the required payments into any account in the Revenue Bond Fund and may be used to pay the principal of, premium, if any, and interest on any Parity Bonds without said Assessments being allocated to the payment of the principal of and interest on any p articular issue or series of such Parity Bonds. (1) Collection of Delinquent Assessments. The City will, on or before April 1 of each calendar year, determine all Assessments or installments thereof that are delinquent and will take all necessary action to enforce payment of such Assessments, including real property foreclosure actions pursuant to RCW Chapter 35.50, as amended, or its successor statute, if any, against the property owners whose Assessments are delinquent. Section 10. Adequacy of Revenues. The Council hereby declares that in fixing the amounts to be paid into the Revenue Bond Fund as hereinbefore provided it has exercised due regard for the Costs of Maintenance and Operation and has not obligated the City to set aside and pay into the Revenue Bond Fund a greater amount of money in the Revenue Fund than in its judgment will be available over and above such Costs of Maintenance and Operation. Section 11. Issuance of Future Parity Bonds. The City hereby further covenants and agrees with the owner and holder of the Bonds for as long as the same remains outstanding that the City will not issue any bonds or other obligations having a greater or equal priority of lien upon the Revenue of the System to pay and secure the payment of the principal of and interest on such bonds or other obligations than the lien created upon the Revenue of the System to pay and secure the payment of the principal of and interest on the Bonds, except as follows: -37-- P:\CMW\CMW5NP 04/22/03