Laserfiche WebLink
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, <br />together with Assessment Income deposited and such other money as is on hand and available <br />therefor in such account, to amortize the principal of such future Parity Bonds that are Term <br />Bonds on or before the maturity date thereof or to purchase Government Obligations sufficient to <br />accomplish such amortization. <br />(c) Payments into Reserve Account. The City hereby agrees that a special <br />account to be known as the "City of Everett Water and Sewer Revenue Bond Reserve Account' <br />(the "Reserve Account') shall be maintained in the Revenue Bond Fund for the purpose of <br />securing the payment of the principal of and interest (i) on all Parity Bonds remaining <br />outstanding, (ii) the Bonds and (iii) any future Parity Bonds. The City hereby covenants that the <br />Reserve Requirement for the Bonds will be fully funded as of the date of issuance of the Bonds. <br />The Reserve Requirement may be funded in part with a Reserve Surety Bond. <br />The City covenants and agrees that when the required deposits have been made into the <br />Reserve Account, it will at all times maintain therein an amount at least equal to the Reserve <br />Requirement, as predetermined in each calendar year. Whenever there is a sufficient amount in <br />the Revenue Bond Fund, including all accounts therein, to pay the principal of, premium, if any, <br />and interest on all outstanding Parity Bonds, the money in the Reserve Account may be used to <br />pay the principal of, premium, if any, and interest on the Parity Bonds secured thereby. Money <br />in the Reserve Account may also be withdrawn to redeem and retire, and to pay the premium, if <br />any, and interest due to such date of redemption, on the outstanding Parity Bonds, as long as the <br />money remaining on deposit in the Reserve Account is at least equal to the Reserve Requirement <br />determined with respect to the Parity Bonds then outstanding. <br />-26- P:\CMW\CMW6WH 09/06/05 <br />