Ordinance 15-69 - Laserfiche WebLink

Bonds issued under an ordinance wherein the city pledges that the payments to be made out of the gross revenue of the System or Sewer Revenue Fund to pay and secure the payment of the principal of and interest on such Parity Revenue Bonds will be on a parity with the payments required by Ordinances No. 3768 and No . 3955 and this ordinance to be made out of such gross revenue or Sewer Revenue Fund into such Bond Redemption Fund and Reserve Account to pay and secure the payment of the principal of and interest on the Outstanding Parity Bonds and the Bonds , respectively. Section 2 . The Council of the City of Everett hereby finds and determines as required by Section 11 of Ordinance No . 3768 and Section 9 of Ordinance No. 3955 as follows : FIRST: That the Bonds are being issued for the purpose of acquiring, constructing and installing additions and improvements to and extensions of the System. SECOND : That at the time of the adoption of this ordinance and at the time of the issuance and delivery of the Bonds , there is not nor will there be any deficiency in the Bond Redemption Fund or Reserve Account . THIRD : That by Section 9 of this ordinance the city covenants that it will establish, maintain and collect rates and charges for sanitary sewage collection and disposal service (and for water in the event the sewerage system is ever combined with the water system) for as long as any of the Outstanding Parity Bonds , the Bonds and any Parity Revenue Bonds are outstanding that will make available for the payment of the principal of and interest on all of such bonds as the same shall become due an amount equal to at least 1 . 35 times the maximum amount required in any calendar year hereafter for the payment of all of such principal and interest after normal expenses of maintenance and operation of the System (including pro rata budget charges for city departments ) have been paid but before depreciation and before any transfers of money into 4 .