Ordinance 1139-85 - Laserfiche WebLink

L � t � business, as the Qualified Issuer of the municipal bond insurance policy with respect to the Bonds. The words "Bond Register" mean the records maintained on behalf of the City containing the name and mailing address of each owner of the Refunding Bonds or the nominee of such owner, and such other information as the Bond Registrar shall determine. The words "Bond Registrar" mean the fiscal agencies of the State of Washington in either Seattle, Washington, or New York, New York, for the purpose of registering and authenticating the Refunding Bonds, maintaining the Bond Register, effecting transfer of ownership of the Refunding Bonds and paying interest on and principal of (and any premiums pursuant to call on) the Refunding Bonds. The word "City" means the City of Everett, Washington, a municipal corporation duly organized and existing under and by virtue of the laws of the State of Washington. The words "Costs of Maintenance and Operation" mean all necessary operating expenses, current maintenance expenses, expenses of reasonable upkeep and repairs, and insurance and administrative expense with respect to the System, but excludes depreciation, payments for debt service or into reserve accounts, costs of capital additions to or replacements of the System, municipal taxes, or payments to the City in lieu of taxes. The word "Council" means the general legislative body of the City as the same shall be duly and regularly constituted from time to time. The words "Coverage Requirement" mean (a) for any period during which Assessments may be paid without becoming delinquent, the sum of (i ) the product of Maximum Annual Debt Service on all Parity Bonds then outstanding times a fraction, the numerator of which is the aggregate principal amount of nondelinquent -5- WMD202 85/06/10