Ordinance 830-81 - Laserfiche WebLink

required or economically sound, and which will not properly and advantageously contribute to the conduct of the business of the System in an efficient manner. (j ) The City shall comply with all terms and conditions contained within the Filtration Agreement dated September 6, 1960, between it and Alderwood Water District, as such agreement has been and may be amended from time to time. Section 10. Issuance of Future Parity Bonds. The City hereby further covenants and agrees with the owners and holders of each of the Bonds for as long as any of the same remain out- standing as follows: The City will not issue any future Parity Bonds for as long as the $7, 430,000 Water and Sewer Revenue Interim Financing Bonds, 1982, authorized by Ordinance g.3/-$/ passed by the City Council on ,DEC. 30 , 1981, are outstanding, except that the City reserves the right, while such interim financing bonds are outstanding, to issue approximately $24, 000, 000 of Parity Bonds payable princi- pally from Assessments to be levied in Utility Local Improvement District No. 1 . Once the $7, 430, 000 Water and Sewer Revenue Interim Financing Bonds, 1982, are paid or redeemed in accordance with Ordinance g-31-sit the City will not issue any bonds having a greater or equal priority of lien upon the Revenue of the System to pay and secure the payment of the principal of and interest on such bonds than the lien created upon the Revenue of the System to pay and secure the payment of the principal of and interest on the Bonds except as follows: (a) The City reserves the right to issue future Parity Bonds for the purposes of -22- BD338 81/12/22