Laserfiche WebLink
on any future Parity Bonds, and prior and superior to all other charges of any kind or nature <br /> whatsoever. <br /> E. Application and Investment of Moneys in Revenue Bond Fund. Money in <br /> the Debt Service Account, any Sinking Fund Account and any Reserve Account shall be invested <br /> in Permitted Investments as permitted by law. Investments in the Debt Service Account and any <br /> Sinking Fund Account shall mature prior to the date on which such money shall be needed for <br /> required interest or principal payments. Investments in any Reserve Account shall mature not <br /> later than the last maturity of the Parity Bonds secured thereby. All interest earned and income <br /> derived by virtue of such investments shall remain in the Revenue Bond Fund and be used to meet <br /> the required deposits into any account therein. <br /> F. Sufficiency of Revenues. The Council hereby finds that in fixing the <br /> amounts to be paid into the Revenue Bond Fund out of the Revenue of the System, it has <br /> exercised due regard for the Costs of Maintenance and Operation and has not obligated the City <br /> to set aside and pay into such Fund a greater amount of such Revenue than in its judgment will be <br /> available over and above the Costs of Maintenance and Operation. <br /> Section 9. Provision for Defeasance of the 1993 Bonds. In the event that money (other <br /> than bond insurance proceeds) and/or "Government Obligations," as such obligations are now or <br /> may hereafter be defined in Chapter 39.53 R.C.W., maturing at such time or times and bearing <br /> interest to be earned thereon in amounts sufficient to redeem and retire the 1993 Bonds or any of <br /> them in accordance with their terms are set aside in a special account to effect such redemption or <br /> retirement and such money and the principal of and interest on such obligations are irrevocably set <br /> aside and pledged for such purpose, then no further payments need be made into the Revenue <br /> Bond Fund for the payment of the principal of and interest on the 1993 Bonds so provided for and <br /> such 1993 Bonds shall cease to be entitled to any lien, benefit or security of this ordinance except <br /> the right to receive the funds so set aside and pledged, and such 1993 Bonds shall be deemed not <br /> to be outstanding hereunder. <br /> -23- FWW04E.DOC 93/,0/26 <br />