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ordinance for each calendar year after the issuance of such <br /> Parity Bonds ' (the "Adjusted Net Revenue" ) , together with <br /> Assessment Income, will at least equal the Coverage Requirement, <br /> calculated as of December 31 of the preceding calendar year. For <br /> purposes of calculating the Coverage Requirement, the Parity <br /> Bonds proposed to be issued shall be deemed to be outstanding <br /> Parity Bonds . <br /> The applicable limitations contained in Section 12 of <br /> Ordinance No . 1139-85 having been complied with, the 1992 Bonds <br /> shall be issued on a parity of lien with the Nonrefunded 1985 <br /> Bonds and the Nonrefunded 1988 Bonds . <br /> Section 5 . Issuance of the City of Everett Water and Sewer <br /> Revenue and Refunding Bonds, 1992 . The City shall issue and sell <br /> the Refunding Bonds in the aggregate principal amount of not to <br /> exceed $36, 000, 000 for the purpose of refunding the Refunded 1988 <br /> Bonds, and to pay the expenses incidental to the refunding and to <br /> the issuance of the Refunding Bonds . <br /> The Refunding Bonds shall be dated October 15, 1992, shall <br /> bear interest payable January 1, 1993, and semiannually <br /> thereafter on the first days of each succeeding July and January, <br /> and shall mature on July 1 in such years and amounts, at such <br /> rates in such principal amount and with such provisions for Term <br /> Bonds and such redemption provisions as shall be fixed by <br /> resolution of the Council subsequent to final passage of this <br /> ordinance . <br /> 19 Fwwooaooc ncom <br />