Ordinance 941-83 - Laserfiche WebLink

WHEREAS, it appears to the Council of the City that said conditions can be met and that it is in the best interests of the City and its inhabitants that the bonds authorized herein be issued on a parity with such August 1, 1978, August 1, 1980, and January 1, 1982, water and sewer revenue bonds; NOW, THEREFORE, the City of Everett does ordain: Section 1. Definitions. As used in this ordinance, the following words shall have the following meanings: A. The words "Annual Debt Service" mean, for any year, the amount required in such year for the payment of the principal of and interest on the Parity Bonds; provided that, in the event the City issues Term Bonds, the words "principal of and interest on the Parity Bonds" shall be deemed to exclude from "principal" an amount of Term Bonds equal to the mandatory deposits of money into any Sinking Fund Account to provide for payment of the principal of such Term Bonds, and from "interest" the interest on such Term Bonds subsequent to the date of the respective deposits, and to include in lieu thereof all mandatory sinking fund deposits as of the date required and interest on the Term Bonds provided for by such deposits only to the dates of the respective deposits. B. The word "Assessments" means any assessments levied in any utility local improvement district of the City created for the acquisition or construction of additions and improvements to and extensions of the System, if such assessments are pledged to be paid into the Revenue Bond Fund. The word "Assessments" shall also include any installments of assessments and any interest or penalties which may be due thereon. C. The words "Assessment Income" mean the principal of and interest on assessments levied in any utility local improvement district and pledged to be paid into the Revenue Bond Fund. In the case of assessments payable in installments, Assessment Income -3- WMD20 83/05/02