Ordinance 3211-11 - Laserfiche WebLink

including real property foreclosure actions pursuant to RCW Chapter 35.50, as amended, or its successor statute, if any, against the property owners whose ULID Assessments are delinquent. Section 10. Issuance of Future Parity Bonds. (a) Conditions to the issuance of Future Parity Bonds prior to the New Covenant Date. 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: (1) The City reserves the right to issue Future Parity Bonds for the purposes of First, providing funds to acquire, construct, reconstruct, install, or replace any equipment, facilities, additions, betterments, or other capital improvements to the System for which it is authorized by law to issue revenue bonds, or Second, refunding at or prior to their maturity, any revenue warrants, or outstanding revenue bonds or other obligations payable out of the Revenue of the System, and to pledge that payments will be made out of the Revenue of the System and into the Revenue Bond Fund and the accounts therein to pay and secure the payment of the principal of and interest on such future Parity Bonds on a parity of lien with the payments required herein to be made out of such Revenue into such Fund and accounts to pay and secure the payment of the principal of and interest on any Parity Bonds then outstanding, upon compliance with the following conditions: -45- P:\2O287 CMW\2O287 96O 02/07/11