Ordinance 941-83 - Laserfiche WebLink

and to pledge that payments will be .made out of the Revenue of the System and into the Revenue Bond Fund and the Reserve Account therein to pay and secure the payment of the principal of and interest on such future Parity Bonds on a parity with the payments required herein to be made out of such Revenue into such Fund and Account to pay and secure the payment of the principal of and interest on any Parity Bonds then outstanding, upon compliance with the following conditions: (1) At the time of the issuance of any future Parity Bonds there is no deficiency in the Revenue Bond Fund or the Reserve Account. (2 ) If there are Assessments levied in any utility local improvement district to pay for additions and improve- ments to and extensions of the System which will be con- structed from the proceeds of such future Parity Bonds, the ordinance authorizing such future Parity Bonds shall require that such Assessments be paid into the Revenue Bond Fund. (3 ) If there are Assessments pledged to be paid into a warrant or bond redemption fund for revenue bonds or warrants being refunded by future Parity Bonds, the ordinance authorizing the future Parity Bonds shall require such Assessments to be paid into the Revenue Bond Fund. (4) The principal of and interest on the future Parity Bonds shall be payable out of the Revenue Bond Fund and the requirements for Reserve Account payments in Sec- tion 6 hereof shall be met. (5) Prior to the delivery of any Parity Bonds the City shall have on file in the office of the Clerk of the City a certificate of an independent professional engineer or certified public accountant dated not earlier than 90 days prior to the date of delivery of such future Parity Bonds and -22- WMD20 83/05/02