Ordinance 941-83 - Laserfiche WebLink

shall be allocated to the year's in 'which it would be received if the unpaid principal balance of each assessment roll were paid in equal principal amounts over the remaining number of installments with interest on the declining balance at the times and at the rate provided in the ordinance confirming the assessment roll. D. The word "Bonds" means the $15, 655, 000 City of Everett Water and Sewer Revenue and Refunding Bonds, 1983, authorized by this ordinance. E. The word "City" means the City of Everett, Washington, a municipal corporation duly organized and existing under and by virtue of the laws of the State of Washington. F. The words "Construction Fund" mean the Construction Fund - ULID No. 1" created by Section 7 of Ordinance No. 795-81. G. The words "Costs of Maintenance and Operation" mean all necessary operating expenses, current maintenance expenses, expenses of reasonable upkeep and repairs, and insurance and administrative expense, but excludes depreciation, payments for debt service or into reserve accounts, costs of capital additions to or replacements of the System, municipal taxes, or payments to the City in lieu of taxes. H. The word "Council" means the general legislative body of the City as the same shall be duly and regularly constituted from time to time. I . The words "Debt Service Account" mean the account of that name created in the Revenue Bond Fund by Section 7 of Ordi- nance No. 536-78. J. The words "Maximum Annual Debt Service" mean the maximum amount of Annual Debt Service which will become due in any future calendar year on the Parity Bonds then outstanding. K. The words "Net Revenue" mean the Revenue of the System less the Costs of Maintenance and Operation. -4- WMD20 83/05/02