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May 1, 1969 (herein and in the Bond Ordinance <br /> called the "Refunded Bonds" ) , and except that <br /> said amounts are equal in rank to the lien and <br /> charge upon such Revenue of any amounts <br /> required to pay and secure the water and sewer <br /> revenue bonds of the City issued under date of <br /> August 1, 1978, August 1, 1980, and January 1, <br /> 1982, and any water and sewer revenue bonds of <br /> the City hereafter issued on a parity with the <br /> bonds of this issue (herein and in the Bond <br /> Ordinance called "Parity Bonds" ) . The City <br /> has irrevocably made full provision for the <br /> payment of the Refunded Bonds. <br /> The City has further bound itself to <br /> maintain the System in good repair, working <br /> order and condition, to operate the same in an <br /> efficient manner and at a reasonable cost, and <br /> to fix, maintain and collect rates and charges <br /> for as long as any of the bonds of this issue <br /> are outstanding that will make available, for <br /> the payment of the principal thereof and <br /> interest thereon as the same shall become due, <br /> Net Revenue ( as defined in the Bond Ordinance) <br /> in an amount which, together with Assessment <br /> Income (as defined in the Bond Ordinance) will <br /> be equal to at least 1 .25 times the Maximum <br /> Annual Debt Service ( as defined in the Bond <br /> Ordinance) . <br /> The pledge of Revenue of the System and <br /> other obligations of the City under the Bond <br /> Ordinance may be discharged at or prior to the <br /> maturity or redemption of the bonds of this <br /> issue upon the making of provisions for the <br /> payment thereof on the terms and conditions <br /> set forth in the Bond Ordinance. <br /> Reference to the Bond Ordinance and any <br /> and all modifications and amendments thereof <br /> is made for a description of the nature and <br /> extent of the security for the bonds of this <br /> issue, the funds or revenues pledged, and the <br /> terms and conditions upon which such bonds are <br /> issued. <br /> It is hereby certified and declared that <br /> this bond and the bonds of this issue are <br /> issued pursuant to and in strict compliance <br /> with the Constitution and laws of the State of <br /> Washington and ordinances of the City, and <br /> that all acts, conditions and things required <br /> to be done precedent to and in the issuance of <br /> this bond have happened, been done and per- <br /> formed. <br /> IN WITNESS WHEREOF, the City has caused <br /> this bond to be executed in its name by the <br /> [manual ] [ facsimile] signature of the Mayor, <br /> to be attested by the [manual ] [ facsimile] <br /> signature of the City Clerk, the corporate <br /> -5- WMD25 83/05/17 <br />