Ordinance 1433-88 - Laserfiche WebLink

pursuant to a plan of retirement or refunding. The words "Revenue of the System" shall also include any federal or state reimbursements of operating expenses to the extent such expenses are included as Costs of Maintenance and Operation of the System. The words "Sinking Fund Account" mean any account created in the Revenue Bond Fund to amortize the principal of Term Bonds. The words "1988 Sinking Fund Account" mean the "1988 Sinking Fund Account" created in the Revenue Bond Fund by Section 9 of this Ordinance. The word "System" means the sanitary sewage collection and treatment system of the City, including facilities for the collec- tion and disposal of storm water runoff, as it now exists and as it may later be added to, extended and improved, and the existing water supply and distribution system of the City, including the interest of the City in the water supply facilities constructed by Public Utility District No. 1 of Snohomish County pursuant to the Sultan River Project Agreement, as it now exists and as it may later be added to, extended and improved, for as long as the 1988 Bonds remain outstanding. The words "Term Bonds" mean any Parity Bonds identified as such in the ordinance authorizing the issuance thereof, the payment of which is provided for by a requirement for mandatory deposits of money into a Sinking Fund Account in the Revenue Bond Fund. The words "1988 Term Bonds" mean the 1988 Bonds maturing on July 1, 2007 . The word "Treasurer" means the duly qualified and acting Treasurer of the City. Section 2 . Findings and Purposes. The Council hereby finds that the public interest, welfare and convenience require the construction, acquisition and installation of the System improve- ments described in Section 3 of this ordinance, and that said -12- KR180 88/01/11