Ordinance 1433-88 - Laserfiche WebLink

and to refund prior to maturity outstanding revenue bonds payable out of the Revenue of the System; That at the time of issuance of the 1988 Bonds, the City shall have on file a certificate from the Finance Director showing that there is no deficiency in the Revenue Bond Fund or any accounts therein; That the 1988 Bonds shall be payable out of the Revenue Bond Fund, and the Reserve Account requirements in Section 7 of Ordi- nance No. 1139-85 are met by the terms and conditions of this ordinance; That the requirements of Section 12 .A(2 ) and (3 ) of Ordinance No. 1139-85 are met by the terms and conditions of this ordinance; That prior to the delivery of the 1988 Bonds, the City will have on file in the Office of the Clerk of the City a certificate of an independent professional engineer or certified public accountant dated not earlier than ninety (90) days prior to the date of delivery of the 1988 Bonds showing that the Net Revenue determined and adjusted as provided in Section 12 of Ordinance No. 1139-85 and as provided in Section 16 of this ordinance for each calendar year after the issuance of the 1988 Bonds (the "Adjusted Net Revenue" ) , together with Assessment Income, will at least equal the Coverage Requirement, calculated as of December 31 of the preceding calendar year. For purposes of calculating the Coverage Requirement, the 1988 Bonds proposed to be issued shall be deemed to be outstanding Parity Bonds. The applicable limitations contained in Section 12 of Ordi- nance No . 1139-85 having been complied with, the 1988 Bonds shall be issued on a parity of lien with the Nonrefunded 1985 Bonds issued pursuant to Ordinance No. 1139-85 . Section 5 . Issuance of the City of Everett Water and Sewer Revenue and Refunding Bonds, 1988 . The City shall issue and sell the Refunding Bonds in the aggregate principal amount of not to -16- KR180 88/01/11