Ordinance 1433-88 - Laserfiche WebLink

to Section 14 of this ordinance substantially in the form attached hereto as Exhibit B. The words "1988 Debt Service Subaccount" mean the subaccount of that name created in the Debt Service Account by Section 9 of this ordinance. The words "Finance Director" mean the duly qualified and acting Finance Director of the City. The words "Maximum Annual Debt Service" mean, with respect to any issue of Parity Bonds, the maximum amount of Annual Debt Service which will become due in any future calendar year on such Parity Bonds then outstanding. The words "Net Revenue" mean the Revenue of the System less the Costs of Maintenance and Operation. The words "1985 Bonds" mean the "City of Everett, Water and Sewer Revenue Refunding Bonds, 1985" issued under date of June 1, 1985, in the original aggregate principal amount of $46, 730, 000 pursuant to Ordinance No . 1139-85 of the City. The words "Nonrefunded 1985 Bonds" mean the outstanding 1985 Bonds maturing on or prior to July 1, 1995 . The words "Parity Bonds" mean the Nonrefunded 1985 Bonds, the 1988 Bonds and any water and sewer revenue bonds which the City may hereafter issue having a lien upon the Revenue of the System for the payment of the principal thereof and interest thereon equal to the lien upon the Revenue of the System of the Non- refunded 1985 Bonds and the 1988 Bonds . The words "Permitted Investments" mean ( 1) bonds, notes and other evidences of direct indebtedness of the United States of America and securities fully and unconditionally guaranteed as to the timely payment of principal and interest by the United States of America; (2 ) obligations of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, Federal Home Loan Banks, -7- KR180 88/01/11