Ordinance 1891-92 - Laserfiche WebLink

The City does hereby pledge and bind itself to set aside from the Revenue Fund out of the Revenue of the System and to pay into the Revenue Bond Fund and the accounts created therein 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 any revenue bonds of the City 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 September 1, 1960, July 1, 1963, and 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 maturing, in whole, or in part in inverse order of maturity (and by lot within each maturity) , on the dates and at the redemption prices (expressed as a percentage of the principal amount thereof) set forth below interest to the date of redemption. 65 Fwwooa DOC 92/09/21