Ordinance 1433-88 - Laserfiche WebLink

Eighth, to retire by redemption or purchase in the open market any outstanding water and sewer revenue bonds or revenue warrants of the City, to make necessary additions, betterments, improvements and repairs to or extensions and replacements of the System, or for any other lawful City purposes. Section 9 . Payments into Revenue Bond Fund. A special fund of the City known as the "1985 City of Everett Water and Sewer Revenue Bond Fund" (the "Revenue Bond Fund" ) has heretofore been created in the office of the Treasurer for the sole purpose of paying and securing the payment of Parity Bonds. The City hereby irrevocably covenants and agrees to pay the Assessments levied in Utility Local Improvement District No. 1 of the City into the Revenue Bond Fund. A. Payments into Debt Service Account. A special account known as the "Debt Service Account" has been created in the Revenue Bond Fund for the purpose of paying the principal of, premium, if any, and interest on Parity Bonds. There is hereby created within the Debt Service Account a special subaccount to be known and designated as the "1988 City of Everett Water and Sewer Revenue and Refunding Bond Debt Service Subaccount" (the "1988 Debt Service Subaccount" ) which shall be drawn upon for the sole purpose of paying the principal, or premium, if any, and interest on the 1988 Bonds, and which, together with other moneys in the Debt Service Account, may be used to pay the principal of and interest on any Parity Bonds heretofore or hereafter issued. As long as any 1988 Bonds remain outstanding, the City hereby irrevocably obligates and binds itself to set aside and pay from the Revenue Fund into the 1988 Debt Service Subaccount those amounts necessary, together with Assessment Income deposited and such other moneys as are on hand and available therefor in the 1988 Debt Service Subaccount, to pay the interest or principal and interest next coming due on the outstanding 1988 Bonds (exclusive -25- KR180 88/01/11