Ordinance 830-81 - Laserfiche WebLink

remain in the Revenue Bond Fund and be used to meet the required deposits into any account therein. (g) Sufficiency of Revenues. The City Council hereby finds that in fixing the amounts to be paid into the Revenue Bond Fund out of the Revenue of the System, it has exercised due regard for the Costs of Maintenance and Operation and has not obligated the City to set aside and pay into such Fund a greater amount of such Revenue than in its judgment will be available over and above the Costs of Maintenance and Operation. Section 7 . 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 Bond Fund or any account therein 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 8. 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 Debt Service -16- BD338 81/12/22