Ordinance 1433-88 - Laserfiche WebLink

together with Assessment Income deposited and such other moneys as are on hand and available therefor in such account, to amortize the principal of such future Parity Bonds which are Term Bonds on and before the maturity date thereof or to purchase "Government Obligations, " as such obligations are now or hereafter defined in Chapter 39 . 53 RCW, as amended, or its successor statute, if any, sufficient to accomplish such amortization. C. Payments into Reserve Account. A special account to be known as the "1988 Water and Sewer Revenue and Refunding Bond Reserve Account" ( the "1988 Reserve Account" ) is hereby created in the Revenue Bond Fund for the purpose of securing the payment of the principal of and interest on the 1988 Bonds. Except as hereafter provided in this subsection, the City cove- nants and agrees that it will set aside and pay into the 1988 Reserve Account out of the Revenue of the System or Assessments (or, at the option of the City, out of any other funds on hand and legally available therefor) approximately equal annual install- ments sufficient, together with other moneys in the 1988 Reserve Account and available therefor, to have on deposit therein by February 1, 1993 , a total amount which will be at least equal to the Reserve Account Requirement for the 1988 Bonds . Such annual payments will be made not later than December 20 of each year, commencing in 1988 . Except as hereafter provided in this subsection, the City hereby further covenants and agrees that in the event it issues any future Parity Bonds it will provide in the ordinance author- izing the issuance of the same for the creation of. a Reserve Account for such future Parity Bonds and for the payment into such Reserve Account out of the Revenue of the System or Assessments (or, at the option of the City, out of any other funds on hand and legally available therefor) approximately equal additional annual installments so that by five years from the date of issuance of -28- KR180 88/01/11