Ordinance 831-81 - Laserfiche WebLink

Parity Bonds, as and when the same shall become due and payable, (4) to make adequate provision for the payment of any term bonds issued pursuant to ordinances of the City, (5) to make when due all payments which the City is obligated to make into the Revenue Interim Financing Bond Fund and all other payments which the City is obligated to make pursuant to this ordinance, and (6) to pay all taxes, assessments or other governmental charges lawfully imposed on the System or the revenue therefrom or payments in lieu thereof and any and all other amounts which the City may now or hereafter become obligated to pay from the Revenue of the System by law or contract. (c) After making or providing for the monthly payments from the Revenue Fund as required by Section 7 hereof, there shall be maintained in the Revenue Fund sufficient moneys to enable the City to meet the Costs of Maintenance and Operation of the System on a current basis. (d) The City will not sell or otherwise dispose of the System in its entirety unless simultaneously with such sale or other disposition, provision is made for the payment into the Revenue Interim Financing Bond Fund and Revenue Bond Fund of cash or Government Obligations (as now or hereafter defined in RCW 39 . 53 ) sufficient (taking into account interest to be earned on any such Government Obligations) to pay the principal of and interest on all then outstanding Bonds and Parity Bonds, nor will it sell or otherwise dispose of any part of the useful operating properties of the System unless such facilities are replaced or provision is made for payment into the Revenue Interim Financing Bond Fund of the greatest of the following: ( 1) An amount which will be in the same proportion to the net amount of Bonds then outstanding (defined as the total amount of the Bonds less the amount of cash and investments in the Revenue Interim Financing Bond Fund) that the Revenue from the -14- BD339 81/12/22