Ordinance 831-81 - Laserfiche WebLink

into such Fund a greater amount of such Revenue of the System than in its judgment will be available over and above the Costs of Maintenance and Operation. Section 12 . 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 Ch. 39. 53 RCW, 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 accor- dance with their terms, are hereafter irrevocably set aside in a special account and pledged to effect such redemption and retire- ment, then no further payments need be made into the Revenue Interim Financing Bond Fund for the payment of the principal of and interest on the certain Bonds so provided for and such Bonds and appurtenant coupons shall then cease to be entitled to any lien, benefit or security of this ordinance, except the right to receive the funds so set aside and pledged, and such Bonds and appurtenant coupons shall no longer be deemed to be outstanding hereunder. Section 13 . Application of Proceeds of Sale of the Bonds. Upon the sale of the Bonds the proceeds thereof (except for accrued interest, which shall be paid into the Revenue Interim Financing Bond Fund) shall be utilized as follows: The Construction Fund has heretofore been created by Ordi- nance No. ac_S, All remaining proceeds of the Bonds shall be paid into such Construction Fund and utilized to pay all costs of the acquisition, construction and installation of the Project, and costs incidental thereto, and all costs incurred in connection with the issuance and sale of the Bonds. Bond proceeds not immediately needed to pay Project costs and costs of the issuance and sale of the Bonds may be deposited in or -12- BD339 81/12/22