Ordinance 1139-85 - Laserfiche WebLink

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 "1985 Water and Sewer Revenue Refunding Bond 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 Refunding Bonds . Except as hereafter provided in this subsection, the City covenants and agrees that it will set aside and pay into the 1985 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 installments sufficient, together with other moneys in the 1985 Reserve Account and available therefor, to have on deposit therein by June 1, 1990, a total amount which will be at least equal to the Reserve Account Requirement for the Refunding Bonds. 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 authorizing 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 such future Parity Bonds there will have been paid into such Reserve Account an amount which, together with the money already on deposit therein, will be at least equal to the Reserve Account Requirement for such future Parity Bonds. Such annual payments into a Reserve Account shall be made not later than December 20 of each year. -21- WMD202 85/06/10