Ordinance 1433-88 - Laserfiche WebLink

• of the System (as defined in the Bond Ordinance) or from such other moneys as may be provided therefor certain amounts necessary to pay and secure the payment of the principal and interest on such bonds . The bonds of this issue are not general obligations of the City. The bonds of this issue are issued under and in accordance with the provisions of the Constitution and applicable statutes of the State of Washington and duly adopted ordinances of the City. The City hereby covenants and agrees with the owner and holder of this bond that it will keep and perform all the covenants of this bond and of the Bond Ordinance to be by it kept and performed, and reference is hereby made to the Bond Ordinance for a complete statement of such covenants. The City does hereby pledge and bind itself to set aside from the Revenue Fund out of the Revenue of the System and to pay into the Revenue Bond Fund and the accounts created therein the various amounts required by the Bond Ordinance to be paid into and main- tained in such Fund and accounts, all within the times provided by the Bond Ordinance . To the extent more particularly provided by the Bond Ordi- nance, the amounts so pledged to be paid from the Revenue Fund out of the Revenue of the System into the Revenue Bond Fund and the accounts therein shall be a lien and charge thereon equal in rank to the lien and charge upon said Revenue of the amounts required to pay and secure the payment of any revenue bonds of the City heretofore or hereafter issued on a parity with the bonds of this issue and superior to all other liens and charges of any kind or nature, except the Costs of Maintenance and Operation of the System and the lien and charge of the amounts payable to Public Utility District No. 1 of Snohomish County under an agreement dated July 21, 1961, the water revenue bonds of the City dated December 1, 1965, and the sewer revenue bonds of the City dated September 1, 1960, July 1, 1963 , and May 1, 1969 (herein and in the Bond Ordinance called the "Refunded Bonds" ) . The City has irrevocably made full provision for the payment of the Refunded Bonds . The City has further bound itself to maintain the System in good repair, working order and condition, to operate the same in an efficient manner and at a reasonable cost, and to establish, maintain and collect rates and charges for as long as any of the bonds of this issue are outstanding that will make available, for the payment of the principal thereof and interest thereon as the same shall become due, Net Revenue ( as defined in the Bond Ordi- nance) in an amount which, together with Assessment Income (as defined in the Bond Ordinance) will be at least equal to the Coverage Requirement ( as defined in the Bond Ordinance) . The pledge of Revenue of the System and other obligations of the City under the Bond Ordinance may be discharged at or prior to the maturity or redemption of the bonds of this issue upon the making of provision for the payment thereof on the terms and conditions set forth in the Bond Ordinance. The City has reserved the right to redeem the outstanding bonds maturing on or after July 1, 1999, in whole, or in part in inverse order of maturity (and by lot within each maturity) , on -55- KR180 88/01/11