Ordinance 2870-05 - Laserfiche WebLink

Qualified Insurer means an insurance company licensed to conduct business in any state of the United States or a service corporation acting on behalf of one or more such insurance companies, which insurance company or service corporation is rated either Aaa by Moody's Investors Service, Inc., or AAA by Standard & Poor's Corporation. Registered Owner means the person in whose name the Bond is registered on the Bond Register. Reserve Account means common Reserve Account maintained pursuant to Section 7(c) of this ordinance. Reserve Requirement means the least of (a) Maximum Annual Debt Service on all outstanding Parity Bonds, (b) 1.25 times Average Annual Debt Service on all outstanding Parity Bonds, or (c) 10% of the net proceeds of all outstanding Parity Bonds. Revenue Bond Fund means the "1985 City of Everett Water and Sewer Revenue Bond Fund" created in the office of the Treasurer by Section 7 of Ordinance No. 1139-85 of the City and which is maintained as a subaccount of the City's Utilities Fund 401 (an enterprise fund) for the sole purpose of paying and securing the payment of the principal of, premium, if any, and interest on Parity Bonds. Revenue Fund means the Water and Sewer Revenue Fund of the City created by Section 6 of Ordinance No. 536-78. Revenue of the System means all earnings, revenue and money received by the City from or on account of the operation of the System, except Assessment Income, and including the income from investments of money in the Revenue Fund and the Revenue Bond Fund or from any other investment thereof except the income from investments irrevocably pledged to the payment of the Previously Refunded Bonds and any other water and sewer revenue bonds -8- P:\CMW\CMW6WH 09/06/05