Ordinance 941-83 - Laserfiche WebLink

the required payments into any account in the Revenue Bond Fund and may be used to pay the principal of, premium, if any, and interest on any Parity Bonds without said Assessments being allocated to the payment of the principal of and interest on any particular issue or series of such Parity Bonds. M. Collection of Delinquent Assessments. The City will, on or before April 1 of each calendar year, determine all Assessments or installments thereof that are delinquent and will take all necessary action to enforce payment of such Assessments, including real property foreclosure actions pursuant to RCW Chapter 35. 50, as amended, or its successor statute, if any, against the property owners whose Assessments are delinquent. Section 9 . Issuance of Future Parity Bonds. The City hereby further covenants and agrees with the owners and holders of each of the Bonds for as long as any of the same remain outstanding that the City will not issue any bonds or other obligations having a greater or equal priority of lien upon the Revenue of the System to pay and secure the payment of the principal of and interest on such bonds or other obligations than the lien created upon the Revenue of the System to pay and secure the payment of the princi- pal of and interest on the Bonds except as follows: A. The City reserves the right to issue future Parity Bonds for the purposes of First, providing funds to acquire, construct, reconstruct, install, or replace any equipment, facilities, additions, betterments, or other capital improvements to the System for which it is authorized by law to issue revenue bonds, or Second, refunding at or prior to their maturity, any revenue warrants, or outstanding revenue bonds or other obligations payable out of the Revenue of the System, -21- WMD20 83/05/02