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Assessments levied in any water or sewer utility local improvement district of the City into the <br /> Revenue Bond Fund. <br /> A. Payments into Debt Service Account. A special account to be known as <br /> the "Debt Service Account" has been created in the Revenue Bond Fund for the purpose of <br /> paying the principal of, premium, if any, and interest on Parity Bonds. There is hereby created <br /> within the Debt Service Account a special subaccount to be known and designated as the "1997 <br /> City of Everett Water and Sewer Revenue Bond Debt Service Subaccount" (the "1997 Debt <br /> Service Subaccount"), which shall be drawn upon for the purpose of paying the principal, <br /> premium, if any, and interest on the Bonds, and which, together with other money in the Debt <br /> Service Account, may be used to pay the principal of and interest on any Parity Bonds heretofore <br /> or hereafter issued. <br /> As long as any Bonds remain outstanding, the City hereby irrevocably obligates and binds <br /> itself to set aside and pay from the Revenue Fund into the 1997 Debt Service Subaccount on or <br /> before the date due those amounts necessary, together with Assessment Income deposited and <br /> such other money as is on hand and available therefor in the 1997 Debt Service Subaccount, to <br /> pay the interest or principal and interest next coming due on the outstanding Bonds. <br /> References in this Ordinance to the Debt Service Account and Revenue Bond Fund shall, <br /> unless otherwise stated, include the 1997 Debt Service Subaccount. Notwithstanding anything in <br /> Section 8E hereof to the contrary, money in the 1997 Debt Service Subaccount may be used to <br /> pay any arbitrage rebate, if any, to the extent the rebate is attributable to earnings on money in the <br /> 1997 Debt Service Subaccount. <br /> B. Sinking Fund Accounts. The City covenants and agrees that in the event it <br /> issues any future Parity Bonds that are Term Bonds, it will provide in each ordinance authorizing <br /> the issuance of the same for the creation of a Sinking Fund Account and for regular monthly <br /> payments to be made from the Revenue Fund into such Sinking Fund Account sufficient, together <br /> with Assessment Income deposited and such other money as is on hand and available therefor in <br /> such account, to amortize the principal of such future Parity Bonds that are Term Bonds on or <br /> -17- FWWOBU.DOC 97/03/04 <br />