Ordinance 1963-93 - Laserfiche WebLink

the various amounts required by the Bond Ordinance to be paid into and maintained in such Fund and accounts, all within the times provided by the Bond Ordinance. To the extent more particularly provided by the Bond Ordinance, the amounts so pledged to be paid from the Revenue Fund out of the Revenue of the System into the Revenue Bond Fund and the accounts therein shall be a lien and charge thereon equal in rank to the lien and charge upon said Revenue of the amounts required to pay and secure the payment of the revenue bonds of the City issued in 1985, 1988 and 1992 and any revenue bonds hereafter issued on a parity with the bonds of this issue and superior to all other liens and charges of any kind or nature, except the Costs of Maintenance and Operation of the System and the lien and charge of the amounts payable to Public Utility City No. 1 of Snohomish County under an agreement dated July 21, 1961, the water revenue bonds of the City dated December 1, 1965, and the sewer revenue bonds of the City dated May 1, 1969 (herein and in the Bond Ordinance called the "Refunded Bonds"). The City has irrevocably made full provision for the payment of the Refunded Bonds. The City has further bound itself to maintain the System in good repair, working order and condition, to operate the same in an efficient manner and at a reasonable cost, and to establish, maintain and collect rates and charges for as long as any of the bonds of this issue are outstanding that will make available, for the payment of the principal thereof and interest thereon as the same shall become due, Net Revenue (as defined in the Bond Ordinance) in an amount which, together with Assessment Income (as defined in the Bond Ordinance)will be at least equal to the Coverage Requirement (as defined in the Bond Ordinance). The pledge of Revenue of the System and other obligations of the City under the Bond Ordinance may be discharged at or prior to the maturity or redemption of the bonds of this issue upon the making of provision for the payment thereof on the terms and conditions set forth in the Bond Ordinance. The City has reserved the right to redeem the outstanding bonds, on or after July 1, 2003, in whole, or in part, on any interest payment date (maturities to be chosen by the City and by lot within each maturity), at the respective redemption prices expressed below as a percentage of principal amount, plus accrued interest to date of redemption: On July 1, 2003 and January 1, 2004 101.0% On July 1, 2004 and thereafter 100.0% [Mandatory Call Provision] Notice of any call for redemption shall be given not less than thirty (30) nor more than sixty (60) days prior to the date fixed for redemption by first class mail, postage prepaid, to the registered owner of any bond to be redeemed at the address appearing on the Bond Register. The requirements of the Bond Ordinance shall be deemed to have been complied with when notice is mailed as herein provided, regardless of whether or not it is actually received by the owner of any bond. In addition, such redemption notice shall also be mailed within the same time period, -42- FWW04E.DOC 83/10/28