Ordinance 1963-93 - Laserfiche WebLink

Revenue Bond Fund plus the principal amount of Assessments previously paid into and then on hand in the Revenue Bond Fund, and the denominator of which is the aggregate principal amount of Parity Bonds then outstanding, plus (ii) 1.25 times the product of Maximum Annual Debt Service on all Parity Bonds then outstanding times the difference of 1 minus the fraction calculated pursuant to (i) above; or (b) for any other period, the product of 1.25 times Maximum Annual Debt Service on all Parity Bonds then outstanding. The words "Debt Service Account" mean the account of that name created in the Revenue Bond Fund by Section 7 of Ordinance No. 1433-88. The words "Escrow Agreement" mean that agreement between the City and the Refunding Trustee authorized to be executed pursuant to Section 12 of this ordinance substantially in the form attached hereto as Exhibit A. The words "1993 Debt Service Subaccount" mean the subaccount of that name created in the Debt Service Account by Section 8 of this ordinance. The words "Finance Director" mean the duly qualified and acting Finance Director of the City. The words "Maximum Annual Debt Service" mean, with respect to any issue of Parity Bonds, the maximum amount of Annual Debt Service which will become due in any future calendar year on such Parity Bonds then outstanding. The words "Net Revenue" mean the Revenue of the System less the Costs of Maintenance and Operation. The words "1988 Bonds" mean the "City of Everett, Water and Sewer Revenue and Refunding Bonds, 1988" issued under date of February 1, 1988, pursuant to Ordinance No. 1433- 88. The words "1992 Bonds" mean the City of Everett Water and Sewer Revenue Bonds issued under date of October 15, 1992 pursuant to Ordinance No. 1891-92. Such 1992 Bonds consist of the Project Bonds(Series 1992B) and the State Bonds as defined in such ordinance. -5- FWWO4E.DOC 93„0/28