Ordinance 1433-88 - Laserfiche WebLink

The words "Refunding Trustee" mean Seattle-First National Bank in its capacity as Refunding Trustee pursuant to the Escrow Agreement. The words "Reserve Account" mean any account created in the Revenue Bond Fund to secure the payment of the principal of and interest on any Parity Bonds. The words "1985 Reserve Account" mean the "1985 Water and Sewer Revenue Refunding Bond Reserve Account" created in the Revenue Bond Fund by Section 7 of Ordinance No . 1139-85 of the City. The words "1988 Reserve Account" mean the "1988 Water and Sewer Revenue and Refunding Bond Reserve Account" created in the Revenue Bond Fund by Section 9 of this ordinance. The words "Reserve Account Requirement" mean, with respect to any issue of Parity Bonds, the lesser of ( i ) Maximum Annual Debt Service on such Parity Bonds, and (ii ) 1 .25 times Average Annual Debt Service on such Parity Bonds. The words "Revenue Bond Fund" mean the "1985 City of Everett Water and Sewer Revenue Bond Fund" created in the office of the Treasurer by Section 7 of Ordinance No . 1139-85 of the City for the sole purpose of paying and securing the payment of the princi- pal of, premium, if any, and interest on Parity Bonds. The words "Revenue Fund" mean the Water and Sewer Revenue Fund of the City created by Section 6 of Ordinance No. 536-78 of the City. The words "Revenue of the System" mean all earnings, revenue and moneys received by the City from or on account of the opera- tion of the System, except Assessment Income, and including the income from investments of money in the Revenue Fund and the Revenue Bond Fund or from any other investment thereof except the income from investments irrevocably pledged to the payment of the Refunded Bonds and any other water and sewer revenue bonds -11- KR180 88/01/11