Ordinance 536-78 - Laserfiche WebLink

retirement, then no further payments need be made into the Revenue Bond Fund or any account therein for the payment of the principal of and interest on the certain bonds so provided for and such bonds and appurtenant coupons shall then cease to be entitled to any lien, benefit or security of this ordinance, except the right to receive the funds so set aside and pledged, and such bonds and appurtenant coupons shall no longer be deemed to be outstanding hereunder. Section 9 . Application of Proceeds of Sale of the Bonds and Acquisition of Acquired Obligations. Upon the sale of the Bonds the proceeds thereof (except for accrued interest, which shall be paid into the Debt Service Account in the Revenue Bond Fund) shall be utilized for the purpose of paying the cost of acquisition of the Acquired Obligations denominated "BE" on Schedule A-1 attached hereto, for providing necessary beginning cash balances as required by the Refunding Plan, and for paying the expenses of the issuance of the Bonds and the acquisition and safekeeping of the Acquired Obligations. Any remaining proceeds of the Bonds shall be deposited in the Revenue Bond Fund. With available funds of the City other than proceeds of the Bonds, the City shall purchase from Seattle-Northwest Securities Corporation the Acquired Obligations other than those denominated "BE" in accordance with their proposal for the purchase of the Bonds. Section 10 . Bond Covenants. A. The City shall at all times maintain, preserve and keep the properties of the System in good repair, working order and condition and will from time to time make all necessary and proper repairs, renewals, replacements, extensions and better- ments thereto, so that at all times the business carried on in connection therewith will be properly and advantageously con- ducted, and the City will at all times operate or cause to be -19-