Ordinance 818-81 - Laserfiche WebLink

additional water and sewer revenue bonds could be issued on a parity with such bonds if certain conditions could be met; WHEREAS, it appears to the Council of the City of Everett that said conditions can be met and that it is in the best inter- ests of the City and its inhabitants that the bonds authorized herein be issued on a parity with such August 1, 1978, and August 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 assess- ment roll . c . The words "Reserve" and "Reserve Account" mean the Bond Reserve Account created in the Revenue Bond Fund by Section 7 of Ordinance No. 536-78. d. The word "Bonds" means the City of Everett Water and Sewer Revenue Bonds, 1982, authorized by this Ordinance. -2-