Ordinance 1139-85 - Laserfiche WebLink

K. Collection of Delinquent Accounts. The City will, on or before April 1 of each calendar year, determine all accounts that are delinquent and will take all necessary action to enforce payment of such accounts including real property foreclosure actions pursuant to RCW Chapter 35 . 67, as amended, or its succes- sor statute, if any, against those property owners whose accounts are delinquent. L. Collection and Application of Assessments . The City will promptly collect all outstanding Assessments and pay the same into the Revenue Bond Fund. Such Assessments may be used to meet the required payments into any account in the Revenue Bond Fund and may be used to pay the principal of, premium, if any, and interest on any Parity Bonds without said Assessments being allocated to the payment of the principal of and interest on any particular issue or series of such Parity Bonds . M. Collection of Delinquent Assessments. The City will, on or before April 1 of each calendar year, determine all Assessments or installments thereof that are delinquent and will take all necessary action to enforce payment of such Assessments, including real property foreclosure actions pursuant to RCW Chapter 35 . 50, as amended, or its successor statute, if any, against the property owners whose Assessments are delinquent. N. Covenants Regarding Tax-Exempt Status of the Bonds. The City covenants and agrees that throughout the term of the Bonds no part of the proceeds of the Bonds or any other moneys or obligations held under this ordinance shall at any time be used for any purpose, nor shall the City take any other action, which would cause any Bond to be (i ) an "arbitrage bond" under Section 103 (c) of the Internal Revenue Code of 1954, as amended, and the applicable regulations thereunder or ( ii ) an "industrial develop- -30- WMD202 85/06/10