Ordinance 2870-05 - Laserfiche WebLink

System that are not legally required or economically sound, and that will not properly and advantageously contribute to the conduct of the business of the System in an efficient manner. 0) Collection of Delinquent Accounts. The City will, on or before April 1 of each calendar year, determine all accounts that are delinquent and will take all necessary action to enforce payment of such accounts including real property foreclosure actions pursuant to RCW Chapter 35.67, as amended, or its successor statute, if any, against those property owners whose accounts are delinquent. (k) Collection and Application of Assessments. The City will promptly collect all outstanding Assessments and pay the same into the Revenue Bond Fund. Such Assessments may be used to meet the required payments into any account in the Revenue Bond Fund and may be used to pay the principal of, premium, if any, and interest on any Parity Bonds without said Assessments being allocated to the payment of the principal of and interest on any particular issue or series of such Parity Bonds. (1) Collection of Delinquent Assessments. The City will, on or before April 1 of each calendar year, determine all Assessments or installments thereof that are delinquent and will take all necessary action to enforce payment of such Assessments, including real property foreclosure actions pursuant to RCW Chapter 35.50, as amended, or its successor statute, if any, against the property owners whose Assessments are delinquent. Section 9. Issuance of Future Parity Bonds. The City hereby further covenants and agrees with the owner and holder of the Bonds for as long as the same'remains outstanding that the City will not issue any bonds or other obligations having a greater or equal priority of lien upon the Revenue of the System to pay and secure the payment of the principal of and interest on -33- P:\CMW\CMW6WH 09/06/05