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the Bonds, Bond Years end on each anniversary of the date of issue and on the final maturity date <br /> of the Bonds. <br /> "Bonds" means the $6,085,000 City of Everett, Washington, Water and Sewer Revenue <br /> Bonds, Series 1997, authorized by this ordinance. <br /> "City" means the City of Everett, Washington, a municipal corporation duly organized and <br /> existing under and by virtue of the laws of the State of Washington. <br /> "Commission" means the Securities and Exchange Commission. <br /> "Common Reserve Requirement" means the lesser of(i) Maximum Annual Debt Service <br /> on all outstanding Parity Bonds, and (ii) 1.25 times Average Annual Debt Service on all <br /> outstanding Parity Bonds. <br /> "Costs of Maintenance and Operation" means all necessary operating expenses, current <br /> maintenance expenses, expenses of reasonable upkeep and repairs, and insurance and <br /> administrative expense with respect to the System, but excludes depreciation, payments for debt <br /> service or into reserve accounts, costs of capital additions to or replacements of the System, <br /> municipal taxes, or payments to the City in lieu of taxes. <br /> "Council" means the general legislative body of the City as the same shall be duly and <br /> regularly constituted from time to time. <br /> "Coverage Requirement" means (a) for any period during which Assessments may be paid <br /> without becoming delinquent, the sum of(i) the product of Maximum Annual Debt Service on all <br /> Parity Bonds then outstanding times a fraction, the numerator of which is the aggregate principal <br /> amount of nondelinquent Assessments which remain to be paid into the Revenue Bond Fund plus <br /> the principal amount of Assessments previously paid into and then on hand in the Revenue Bond <br /> Fund, and the denominator of which is the aggregate principal amount of Parity Bonds then <br /> outstanding, plus (ii) 1.25 times the product of Maximum Annual Debt Service on all Parity <br /> Bonds then outstanding times the difference of 1 minus the fraction calculated pursuant to (i) <br /> above; or (b) for any other period, the product of 1.25 times Maximum Annual Debt Service on <br /> all Parity Bonds then outstanding. <br /> -4- FWWOBU.DOC 97/03/04 <br />