Ordinance 1139-85 - Laserfiche WebLink

created to pay and secure the payment of the principal of and interest on any revenue bonds, or revenue warrants or other revenue obligations of the City having a lien upon the Revenue of the System junior and inferior to the lien thereon for the payment of the principal of and interest on the Parity Bonds; 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 7 . Payments into Revenue Bond Fund. A special fund of the City to be known as the "1985 City of Everett Water and Sewer Revenue Bond Fund" (the "Revenue Bond Fund" ) is hereby created in the office of the Treasurer for the sole purpose of paying and securing the payment of the 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 to be known as the Debt Service Account is hereby created in the Revenue Bond Fund for the purpose of paying the principal of, premium, if any, and interest on the Parity Bonds. As long as any of the Refunding Bonds remain outstanding, the City hereby irrevocably obligates and binds itself to set aside and pay from the Revenue Fund into the Debt Service Account those amounts necessary, together with Assessment Income deposited and such other moneys as are on hand and available therefor in the Debt Service Account, to pay the interest or principal and interest next coming due on the outstanding Refunding Bonds (other than the principal of any Term Bonds) . Such payments from the -18- WMD202 85/06/10