Ordinance 818-81 - Laserfiche WebLink

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