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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 any Reserve Account <br />heretofore or hereafter created to secure the payment of the principal of and interest on Parity <br />Bonds and to make any payments to one or more Qualified Insurers with respect to draws on any <br />surety bond provided to satisfy the Reserve Account Requirement or Common Reserve <br />Requirement for any Parity 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 <br />any revenue bonds, or revenue warrants or other revenue obligations of the City having a lien <br />upon the Revenue of the System junior and inferior to the lien thereon for the payment of the <br />principal of and interest on the Parity Bonds; <br />Eighth, to retire by redemption or purchase any outstanding water and sewer <br />revenue bonds or revenue warrants of the City, to make necessary additions, betterments, <br />improvements and repairs to or extensions and replacements of the System, or for any other <br />lawful City purposes. <br />Section 7. 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") <br />has been created in the office of the Chief Financial Officer for the sole purpose of paying and <br />securing the payment of Parity Bonds. The City hereby irrevocably covenants and agrees to pay <br />-24- P:\CMW\CMW6WH 09/06/05 <br />