Ordinance 15-69 - Laserfiche WebLink

any funds of the city other than the Bond Redemption Fund and taxes or payment in lieu of taxes payable to the city . FOURTH : That by Section 7 of this ordinance the city covenants and provides that it will pay into and maintain in the Reserve Account the amounts required by Section 8 of Ordinance No. 3768 to be paid into and maintained in said account at the times required by said Section 8 . FIFTH : That by Section 6 of this ordinance the city covenants that payments will be made out of the Sewer Revenue Fund into the Bond Redemption Fund by the twentieth day of each month in amounts equal to at least one-sixth of the interest and one- twelfth of the principal next coming due on the Bonds . SIXTH : That the Council has been assured that at the time of the issuance of the Bonds the city will have on file a certificate executed by Mr. F. T. Osborne , an independent professional engineer licensed to practice in the State of Washington, who is experienced in the design and operation of municipal utilities , showing compliance with the requirements of Section 11 A ( 3) of Ordinance No. 3768. The conditions contained in Section 11 of Ordinance No . 3768 and Section 9 of Ordinance No. 3955 having been complied with or assured , the payments required herein to be made out of the Sewer Revenue Fund into the Bond Redemption Fund and Reserve Account to pay and secure the payment of the principal of and interest on the Bonds shall constitute a lien and charge upon the money in the Sewer Revenue Fund equal in rank with the lien and charge thereon for the payments required to be made into the Bond Redemption Fund and Reserve Account to pay and secure the payment of the principal of and interest on the Outstanding Parity Bonds . The city hereby further covenants and agrees that the Bonds will not be issued and delivered to the purchasers thereof as bonds on a parity with the Outstanding Parity Bonds until the above-described certificate from Mr. F. T. Osborne , in form and 5.