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Second, to pay the principal of and interest on the Refunded Bonds, if any <br /> payments should be required, in the order of priority and from the sources provided in the <br /> ordinances authorizing the issuance of such Refunded Bonds; <br /> Third, to make all payments required to be made into the Debt Service Account to <br /> pay the interest on any Parity Bonds; <br /> Fourth, to make all payments required to be made into the Debt Service Account <br /> to pay the principal of any Parity Bonds; <br /> Fifth, to make all payments required to be made into any Sinking Fund Account <br /> hereafter created to provide for the payment of the principal of Term Bonds; <br /> Sixth, to make all payments required to be made into the 1988 Reserve Account, <br /> the 1992 Reserve Account, the 1993 Reserve Account, the 1997 Reserve Account and into any <br /> Reserve Account hereafter created to secure the payment of the principal of and interest on Parity <br /> Bonds; <br /> Seventh, to make all payments required to be made into any revenue bond <br /> redemption fund, revenue warrant redemption fund, debt service account, reserve account or <br /> sinking fund account created to pay and secure the payment of the principal of and interest on any <br /> revenue bonds, or revenue warrants or other revenue obligations of the City having a lien upon <br /> the Revenue of the System junior and inferior to the lien thereon for the payment of the principal <br /> of and interest on the Parity Bonds; <br /> Eighth, to retire by redemption or purchase in the open market any outstanding <br /> water and sewer revenue bonds or revenue warrants of the City, to make necessary additions, <br /> betterments, improvements and repairs to or extensions and replacements of the System, or for <br /> any other lawful City purposes. <br /> Section 8. Payments into Revenue Bond Fund. A special fund of the City known as <br /> the "1985 City of Everett Water and Sewer Revenue Bond Fund" (the "Revenue Bond Fund") has <br /> been created in the office of the Treasurer for the sole purpose of paying and securing the <br /> payment of Parity Bonds. The City hereby irrevocably covenants and agrees to pay the <br /> -16- FWWOBU.DOC 97/03/04 <br />