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Account sufficient together with such other funds as are on hand <br /> and available in such account to amortize the principal of such <br /> future Parity Bonds which are Term Bonds on or before the maturity <br /> date thereof or to purchase "Government Obligations" as such <br /> obligations are now or hereafter defined in Ch. 39 . 53 RCW, suf- <br /> ficient to accomplish such amortization. <br /> (c) Payments into Reserve Account. A Reserve Account has <br /> heretofore been created in the Revenue Bond Fund for the purpose <br /> of securing the payment of the principal of and interest on all <br /> outstanding Parity Bonds. The City covenants and agrees that it <br /> will pay into the Reserve Account out of the Revenue of the System <br /> (or, at the option of the City, out of any other funds on hand and <br /> legally available for such purpose) not less than approximately <br /> equal annual payments sufficient, with other money in the Reserve <br /> Account and otherwise required to be paid therein, to have on <br /> deposit therein by December 20, 1986, a total amount which will be <br /> equal to the maximum amount required to be paid in any one calen- <br /> dar year thereafter for the principal of and interest on all <br /> outstanding Bonds. <br /> The City hereby further covenants and agrees that in the <br /> event it issues any future Parity Bonds it will provide in the <br /> ordinance authorizing the issuance of the same that it will pay <br /> into the Reserve Account out of the Revenue of the System or <br /> Assessments (or, at the option of the City, out of any other funds <br /> on hand legally available for such purpose) not less than approx- <br /> imately equal additional annual payments so that by five years <br /> from the date of issuance of such future Parity Bonds there will <br /> have been paid into the Reserve Account an amount which, with the <br /> money already on deposit therein, will be equal to the maximum <br /> -13- BD338 81/12/22 <br />