Ordinance 941-83 - Laserfiche WebLink

Revenue for the payment of the principal of and interest on any Parity Bonds. D. Application and Investment of Moneys in Revenue Bond Fund. Money in the Debt Service Account and Reserve Account may be invested as permitted by law. Investments in the Debt Service Account shall mature prior to the date on which such money shall be needed for required interest or principal payments. Invest- ments in the Reserve Account shall mature not later than the last maturity of any then outstanding Parity Bonds. All interest earned and income derived by virtue of such investments shall remain in the Revenue Bond Fund and be used to meet the required deposits into any account therein. E. Sufficiency of Revenues. The City Council hereby finds that in fixing the amounts to be paid into the Revenue Bond Fund out of the Revenue of the System, it has exercised due regard for the Costs of Maintenance and Operation and has not obligated the City to set aside and pay into such Fund a greater amount of such Revenue than in its judgment will be available over and above the Costs of Maintenance and Operation. Section 7 . Provision for Defeasance of the Bonds. In the event that money and/or "Government Obligations, " as such obliga- tions are now or hereafter defined in RCW Ch. 39. 53, as amended, or its successor statute, if any, maturing or having guaranteed redemption prices at the option of the holder at such time or times and bearing interest to be earned thereon in such amounts as are sufficient (together with any resulting cash balances) to redeem and retire part or all of the Bonds in accordance with their terms, are hereafter irrevocably set aside in a special account and pledged to effect such redemption and retirement, then no further payments need be made into the Revenue Bond Fund or any account therein for the payment of the principal of and interest -15- WMD20 83/05/02