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Section 8E hereof to the contrary, moneys in the 1993 Debt Service Subaccount may be used to <br /> pay an arbitrage rebate, if any, to the extent the rebate is attributable to earnings on moneys in the <br /> 1993 Debt Service Subaccount. <br /> B. Sinking Fund Accounts. The City covenants and agrees that in the event it <br /> issues any future Parity Bonds which are Term Bonds, it will provide in each ordinance <br /> authorizing the issuance of the same for the creation of a Sinking Fund Account and for regular <br /> monthly payments to be made from the Revenue Fund into such Sinking Fund Account sufficient, <br /> together with Assessment Income deposited and such other moneys as are on hand and available <br /> therefor in such account, to amortize the principal of such future Parity Bonds which are Term <br /> Bonds on or before the maturity date thereof or to purchase "Government Obligations," as such <br /> obligations are now or hereafter defined in Chapter 39.53 RCW, as amended, or its successor <br /> statute, if any, sufficient to accomplish such amortization. <br /> The 1993 Sinking Fund Account is hereby created in the Revenue Bond Fund to pay any <br /> 1993 Bonds which are Term Bonds. <br /> C. Payments into Reserve Account. A special account to be known as the <br /> "1993 Water and Sewer Revenue Refunding Bond Reserve Account" is hereby created in the <br /> Revenue Bond Fund for the purpose of securing the payment of the principal of and interest on <br /> the 1993 Bonds. Except as hereafter provided in this ordinance, the City covenants and agrees <br /> that it will set aside and pay into the 1993 Reserve Account out of the Revenue of the System or <br /> Assessments (or, at the option of the City, out of any other funds on hand and legally available <br /> therefor) approximately equal annual installments sufficient, together with other moneys in the <br /> 1993 Reserve Account and available therefor, to have on deposit therein by November 1, 1998, a <br /> total amount which will be at least equal to the Reserve Account Requirement for the 1993 <br /> Bonds. Such annual payments will be made not later than December 20 of each year. <br /> Except as hereafter provided in this subsection, the City hereby further covenants and <br /> agrees that in the event it issues any future Parity Bonds it will provide in the ordinance <br /> -20- FWW04E.DOC 93/10/29 <br />