Ordinance 536-78 - Laserfiche WebLink

Notice of any such redemption shall be given by one publi- cation thereof in the official City newspaper not more than forty nor less than thirty days prior to said redemption date, and by mailing a like notice at the same time to Seattle-Northwest Secu- rities Corporation, Seattle, Washington, or the successor in business thereof at its main office. In addition, such notice of redemption shall also be mailed to Moody' s Investors Service, Inc. , and to Standard & Poor' s Corporation at their main offices in New York, New York, or to the business successors of such firms, if any, at their main offices. The City further reserves the right to use at any time any surplus Revenue of the System available after providing for the payments required by paragraphs First, Second, Third, Fourth, Fifth, Sixth and Seventh of Section 6 of this Ordinance, to pur- chase any of the Bonds in the open market for retirement only, if the same may be purchased at a price not exceeding that at which they could be called for redemption on the first succeeding date on which they may be called, plus accrued interest. Section 6 . Priority of Payments from Water and Sewer Revenue Fund. There is hereby established in the office of the Treasurer of the City a special fund of the City to be known as the "Everett Water and Sewer Revenue Fund. " The Revenue of the System shall be deposited in the Water and Sewer Revenue Fund, as collected. The Water and Sewer Revenue Fund shall be held separate and apart from all other funds and accounts of the City and the Revenue of the System deposited in such Fund shall be used only for the following purposes and in the following order of priority: First, to pay the Costs of Maintenance and Operation of the System; Second, to pay the principal of and interest on the Refunded Bonds, if any payments should be required, in the order of priority and from the sources provided in the ordinances authorizing the issuance of such Refunded Bonds; -13-