HomeMy WebLinkAbout01887Said payments shall be made into the 1959 Bond Redemption
Fund on or before the twentieth day of each month in the amounts
hereinafter specified:
(a) Beginning with the month of December, 1959, and con-
tinuing through the month of September, 19601 an amount equal to at
least one -tenth of the interest to become due and payable on the Bonds
on October 11 1960.
(b) Beginning with the month of Qgtpber,_._1960, and con-
tinuing as long as any of the Bonds are outstanding and unpaid, an
amount equal to at least ope-gixth of the interest to become due and
payable on the next interest payment date on all of the Bonds then
outstanding.
/ (c) Beginning with the month of 4pril,_7�966, and continuing
V as long as any of the Bonds are outstanding and unpaid, an amount
equal to at least one -twelfth of the gxjpgigal of the Ppinds to become
due and payable on the next principal payment date.
Said amounts so pledged to be paid out of the Olympic
Gravity Water Fund into the 1959 Bond Redemption Fund and the amounts
hereinafter pledged to be paid out of such Olympic Gravity Water Fund
into the Reserve Account hereinafter created are hereby declared to
;. be a prior lien and charge upon the money in such Fund superior to
all other charges of any kind or nature except the necessary costs
of maintenance and operation of the System, and equal in ranh to the
charges on such Fund for the payments required to be made into the
Parity Bond Fund to pay and secure the payment of the principal of
and interest on the Outstanding parity Bonds and to any charges which
may later be made upon the money in such Fund to pay and secure the
payment of the principal of and interest on any Future Parity Bonds.
Section 7. A Reserve Account.(herein called the "Reserve
Account") is hereby created in the 1959 Bond Redemption Fund, and
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