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• <br /> Sixth, to make all payments required to be made into the 1985 Reserve Account, <br /> the 1988 Reserve Account and the 1993 Reserve Account and into any Reserve Account <br /> hereafter created to secure the payment of the principal of and interest on 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 any <br /> revenue bonds, or revenue warrants or other revenue obligations of the City having a lien upon <br /> the Revenue of the System junior and inferior to the lien thereon for the payment of the principal <br /> of and interest on the Parity Bonds; <br /> Eighth, to retire by redemption or purchase in the open market any outstanding <br /> water and sewer revenue bonds or revenue warrants of the City, to make necessary additions, <br /> betterments, improvements and repairs to or extensions and replacements of the System, or for <br /> any other lawful City purposes. <br /> Section 8. Payments into Revenue Bond Fund. A special fund of the City known as the <br /> "1985 City of Everett Water and Sewer Revenue Bond Fund" (the "Revenue Bond Fund") has <br /> been created in the office of the Treasurer for the sole purpose of paying and securing the <br /> payment of Parity Bonds. The City hereby irrevocably covenants and agrees to pay the <br /> Assessments levied in any water or sewer Utility Local Improvement City of the City into the <br /> Revenue Bond Fund. <br /> A. Payments into Debt Service Account. A special account to be known as <br /> the "Debt Service Account" has been created in the Revenue Bond Fund for the purpose of <br /> paying the principal of, premium, if any, and interest on Parity Bonds. There is hereby created <br /> within the Debt Service Account a special subaccount to be known and designated as the "1993 <br /> City of Everett Water and Sewer Revenue Refunding Bond Debt Service Subaccount" (the "1993 <br /> Debt Service Subaccount") which shall be drawn upon for the purpose of paying the principal, <br /> premium, if any, and interest on the 1993 Bonds, and which, together with other moneys in the <br /> -18- FWw04E.DOc 93/10r2e <br />