Ordinance 2208-97 - Laserfiche WebLink

exercised due regard for the Costs of Maintenance and Operation and has not obligated the City to set aside and pay into such Fund a greater amount of such Revenue than in its judgment will be available over and above the Costs of Maintenance and Operation. Section 9. Provision for Defeasance of the Bonds. In the event that money (other than bond insurance proceeds) and/or "Government Obligations," as such obligations are now or may hereafter be defined in Chapter 39.53 R.C.W., maturing at such time or times and bearing interest to be earned thereon in amounts sufficient to redeem and retire the Bonds or any of them in accordance with their terms are set aside in a special account to effect such redemption or retirement and such money and the principal of and interest on such obligations are irrevocably set aside and pledged for such purpose, then no further payments need be made into the Revenue Bond Fund for the payment of the principal of and interest on the Bonds so provided for and such Bonds shall cease to be entitled to any lien, benefit or security of this ordinance except the right to receive the funds so set aside and pledged, and such Bonds shall be deemed not to be outstanding hereunder. Within thirty (30) days following the defeasance of any Bonds pursuant to this Section, written notice of the action so taken shall be mailed to Standard & Poor's Ratings Services and Moody's Investors Service, Inc., at their main offices, or to their successors in business, if any, at their main offices. At the same time, such notice shall be mailed to all registered owners of the Bonds at their last addresses, if any, appearing upon the Bond Register, and to each NRMSIR and SID, if any, in accordance with Section 18 hereof. The mailing of such notices shall not be a condition precedent for defeasance of the Bonds so provided for. Section 10. Bond Covenants. A. Maintenance and Operation. The City shall at all times maintain, preserve and keep the properties of the System in good repair, working order and condition and will from time to time make all necessary and proper repairs, renewals, replacements, extensions and betterments thereto, so that at all times the business carried on in connection therewith will be properly and advantageously conducted, and the City will at all times operate or cause to be -22- FWWOBU DOC 97/03/04