Ordinance 713-80 - Laserfiche WebLink

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 "Bond. Reserve" or "Bond 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, 1980, authorized by this Ordinance. e. 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. f. The words "Construction Fund" mean the Water and Sewer Construction Fund created by Section 8 of this Ordinance. g. The words "Costs of Maintenance and Operation" mean all necessary operating expenses, current maintenance expenses , expenses of reasonable upkeep and repairs, and insurance and -2-