Ordinance 1139-85 - Laserfiche WebLink

Assessments which remain to be paid into the Revenue Bond Fund plus the principal amount of Assessments previously paid into and then on hand in the Revenue Bond Fund, and the denominator of which is the aggregate principal amount of Parity Bonds then outstanding, plus (ii ) 1 .25 times the product of Maximum Annual Debt Service on all Parity Bonds then outstanding times the difference of 1 minus the fraction calculated pursuant to (i ) above; or (b) for any other period, the product of 1 . 25 times Maximum Annual Debt Service on all Parity Bonds then outstanding. The words "Debt Service Account" mean the account of that name created in the Revenue Bond Fund by Section 7 of this ordinance. 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 "1978 Bonds" mean the $15, 400, 000 City of Everett Water and Sewer Revenue Refunding Bonds issued under date of August 1, 1978, pursuant to Ordinance No. 536-78. The words "1980 Bonds" mean the $20, 000, 000 City of Everett Water and Sewer Revenue Bonds issued under the date of August 1, 1980, pursuant to Ordinance No. 713-80. The words "1982 Bonds" mean the $8, 750, 000 City of Everett Water and Sewer Revenue Bonds issued under date of January 1, 1982, pursuant to Ordinance No. 830-81 . The words "1983 Bonds" mean the $15, 655, 000 City of Everett Water and Sewer Revenue and Refunding Bonds issued under date of May 1, 1983, pursuant to Ordinance No. 941-83 . -6- WMD202 85/06/10