Ordinance 941-83 - Laserfiche WebLink

• before the maturity date thereof. or to purchase "Government Obligations, " as such obligations are now or hereafter defined in RCW Ch. 39 .53, as amended, or its successor statute, if any, suf- ficient to accomplish such amortization. B. Payments into Reserve Account. A special account known as the "Reserve Account" has heretofore been created in the Revenue Bond Fund for the purpose of securing the payment of the principal of and interest on all outstanding Parity Bonds. The City covenants and agrees that it will pay into the Reserve Account out of the Revenue of the System or Assessments (or, at the option of the City, out of any other funds on hand and legally available for such purpose) not less than approximately equal annual payments sufficient, with other money in the Reserve Account and otherwise required to be paid therein, to have on deposit therein by May 1, 1988, a total amount which will be at least equal to the Maximum Annual Debt Service. The City hereby further covenants and agrees that in the event it issues any future Parity Bonds it will provide in the ordinance authorizing the issuance of the same that it will pay into the Reserve Account out of the Revenue of the System or Assessments (or, at the option of the City, out of any other funds on hand legally available for such purpose) not less than approx- imately equal additional annual payments so that by five years from the date of issuance of such future Parity Bonds there will have been paid into the Reserve Account an amount which, with the money already on deposit therein, will be at least equal to the Maximum Annual Debt Service. Such annual payments into the Reserve Account shall be made not later than December 20 of each year. The City further covenants and agrees that when the required deposits have been made into the Reserve Account, it will at all -13- WMD20 83/05/02