Ordinance 830-81 - Laserfiche WebLink

the special fund of the City known as the "1978 City of Everett Water and Sewer Revenue Bond Fund" (herein called the "Revenue Bond Fund" ) created by Ordinance No. 536-78 in the office of the Treasurer of the City. The City has irrevocably obligated and bound itself to pay into the Revenue Bond Fund out of the Revenue of the System (as defined in the Bond Ordinance) or from such other moneys as may be provided therefor, certain amounts neces- sary to pay and secure the payment of the principal of and inter- est on such bonds. The bonds of this issue are not general obligations of the City. The City hereby covenants and agrees with the owner and holder of this bond that it will keep and perform all the cov- enants of this bond and of the Bond Ordinance to be by it kept and performed. The City does hereby pledge and bind itself to set aside out of the Revenue of the System into the Revenue Bond Fund and the Reserve Account created therein the various amounts required by the Bond Ordinance to be paid into and maintained in said Fund and Account, all within the times provided by the Bond Ordinance. To the extent more particularly provided by the Bond Ordi- nance the amounts so pledged to be paid out of the Revenue of the System into the Revenue Bond Fund and the Accounts therein shall be a prior lien and charge upon the Revenue of the System superior to all other charges of any kind or nature whatsoever except the Costs of Maintenance and Operation of the System (as defined in the Bond Ordinance) and the lien and charge of the amounts payable to Public Utility District No. 1 of Snohomish County under an agreement dated July 21, 1961, the water revenue bonds of the City dated April 1, 1963 and December 1, 1965, and the sewer revenue bonds of the City dated September 1, 1960, July 1, 1963 , and May 1, 1969 (herein and in the Bond Ordinance called the "Refunded Bonds" ) and except that said amounts are equal in rank to the lien and charge upon such Revenue of any amounts required to pay and secure the water and sewer revenue bonds of the City issued under date of August 1, 1978, and August 1, 1980 and any water and sewer revenue bonds of the City hereafter issued on a parity with the bonds of this issue (herein and in the Bond Ordinance called "Parity Bonds" ) . The City has irrevocably made full provision for the payment of the Refunded Bonds. The City has further bound itself to maintain the System in good repair, working order and condition, to operate the same in an efficient manner and at a reasonable cost, and to fix, maintain and collect rates and charges for as long as any of the bonds of this issue are outstanding that will make available, for the payment of the principal thereof and interest thereon as the same shall become due, Net Revenue (as defined in the Bond Ordinance) in an amount which, together with Assessment Income ( as defined in the Bond Ordinance) will be equal to at least 1 .25 times the maximum amount required to be paid out of the Revenue Bond Fund in any year hereafter (except any calendar year in which maturing bonds are Term Bonds as defined in the Bond Ordinance) to pay the -28- BD338 81/12/22