Ordinance 941-83 - Laserfiche WebLink

provided, that Bond No. 1 may be purchased in the open market for retirement only at any time prior to maturity from prepayments of Assessments in Utility Local Improvement District No. 1 paid into the Revenue Bond Fund. Section 5 . Priority of Payments from Revenue Fund. A special fund of the City known as the "Water and Sewer Revenue Fund" has heretofore been established in the office of the Treas- urer of the City into which shall be deposited the Revenue of the System as collected, except the interest earned and income derived from investments of moneys in the Revenue Bond Fund and the accounts therein. The Revenue Fund shall be held separate and apart from all other funds and accounts of the City and the Revenue of the System deposited in such Fund shall be used only for the following purposes and in the following order of priority: First, to pay the Costs of Maintenance and Operation of the. System; Second, to pay the principal of and interest on the Refunded Bonds, if any payments should be required, in the order of priority and from the sources provided in the ordinances authorizing the issuance of such Refunded Bonds; Third, to pay the interest on any Parity Bonds; Fourth, to pay the maturing principal of any Parity Bonds; Fifth, to make all payments required to be made into any Sinking Fund Account for the payment of the principal of any Term Bonds, or for the purchase of "Government Obligations, " as such obligations are now or hereafter defined in RCW Ch. 39. 53, as amended, or its successor statute, if any, sufficient to accom- plish the amortization of such Term Bonds; Sixth, to make all payments required to be made into the Reserve Account created to secure the payment of the Parity Bonds; -10- WMD20 83/05/02