Ordinance 830-81 - Laserfiche WebLink

ests of the City and its inhabitants that the bonds authorized herein be issued on a parity with such August 1, 1978, and Aug- ust 1, 1980 water and sewer revenue bonds; NOW, THEREFORE, the City of Everett does ordain: Section 1 . Definitions. As used in this ordinance, the following words shall have the following meanings: (a) The word "Assessments" means any assessments which may be levied in any utility local improvement district of the City created for the acquisition or construction of additions and improvements to and extensions of the System, if such assessments are pledged to be paid into the Revenue Bond Fund. "Assessments" includes any installments of assessments and any interest or penalties which may be due thereon. (b) The words "Assessment Income" mean the principal of and interest on assessments levied in any utility local improvement district and pledged to be paid into the Revenue Bond Fund. In the case of assessments payable in installments, Assessment Income shall be allocated to the years in which it would be received if the unpaid principal balance of each assessment roll were paid in equal principal amounts over the remaining number of installments with interest on the declining balance at the times and at the rate provided in the ordinance confirming the assessment roll . (c) The word "Bonds" means the City of Everett Water and Sewer Revenue Bonds, 1982, authorized by this ordinance. (d) The word "City" means the City of Everett, Washington, a municipal corporation duly organized and existing under and by virtue of the laws of the State of Washington. (e) The words "Construction Fund" mean the "1981 Water and Sewer Construction Fund" created by Section 8 of this ordinance. -2- BD338 81/12/22