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installing certain additions and improvements <br /> to the sewer system of the City, and refunding <br /> the outstanding 1982 Water and Sewer Revenue <br /> Interim Financing Bonds of the City, all in <br /> conformity with the laws of the State of <br /> Washington. <br /> This bond and the bonds of this issue are <br /> payable solely from the special fund of the <br /> City known as the "1978 City of Everett Water <br /> and Sewer Revenue Bond Fund" (herein called <br /> the "Revenue Bond Fund" ) created by Ordinance <br /> No. 536-78 in the office of the Treasurer of <br /> the City. The City has irrevocably obligated <br /> and bound itself to pay into the Revenue Bond <br /> Fund out of the Revenue of the System (as <br /> defined in the Bond Ordinance) certain amounts <br /> necessary, together with Assessments (as <br /> defined in the Bond Ordinance) deposited and <br /> such other moneys as may be provided therefor, <br /> to pay and secure the payment of the principal <br /> of and interest on such bonds. The City has <br /> further obligated and bound itself to pay into <br /> the Revenue Bond Fund as collected all Assess- <br /> ments levied in Utility Local Improvement <br /> District No. 1 of the City. <br /> The bonds of this issue are not general <br /> obligations of the City. <br /> The City hereby covenants and agrees with <br /> the owner and holder of this bond that it will <br /> keep and perform all the covenants of this <br /> bond and of the Bond Ordinance to be by it <br /> kept and performed. <br /> The City does hereby pledge and bind <br /> itself to set aside out of the Revenue of the <br /> System into the Revenue Bond Fund and the <br /> Reserve Account created therein the various <br /> amounts required by the Bond Ordinance to be <br /> paid into and maintained in said Fund and <br /> Account, all within the times provided by the <br /> Bond Ordinance. <br /> To the extent more particularly provided <br /> by the Bond Ordinance the amounts so pledged <br /> to be paid out of the Revenue of the System <br /> into the Revenue Bond Fund and the Accounts <br /> therein shall be a prior lien and charge upon <br /> the Revenue of the System superior to all <br /> other charges of any kind or nature whatsoever <br /> except the Costs of Maintenance and Operation <br /> of the System ( as defined in the Bond Ordi- <br /> nance) and the lien and charge of the amounts <br /> payable to Public Utility District No. 1 of <br /> Snohomish County under an agreement dated <br /> July 21, 1961, the water revenue bonds of the <br /> City dated April 1, 1963 , and December 1, <br /> 1965, and the sewer revenue bonds of the City <br /> dated September 1, 1960, July 1, 1963 , and <br /> -4- WMD25 83/05/17 <br />