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