HomeMy WebLinkAbout01889having a guaranteed redemption price or maturing not later than ten
years from date of purchase, and in no event maturing later than the
last maturity of the Bonds outstanding at the time of such purchase.
Interest earned on any such investments and/or any profits realized
from the sale thereof shall be deposited in and become a part of the
1959 Bond Redemption Fund.
Section S. The corporate authorities of the city hereby
declare, in fixing the amounts to be paid into the 1959 Bond Redemption
Fund and the Reserve Account as hereinbefore provided, that they have
exercised due regard to the cost of maintenance and operation of the
System and the amounts necessary to pay the principal of and interest
on the outstanding Parity Bonds, and have not obligated the city to
set aside and pay into said Fund And Account a greater amount of the
revenue of the system than in their judgment will be available over
and above such cost of maintenance and operation and the charges neces
nary to pay the principal of and interest on such Outstanding -Parity
Bonds.
Section 9. The city of Port 'Townsend hereby covenants with
the owner and holder of each of the Bonds for as long as any of the
same remain.outstanding as follows:
(a) The provisions of Section 11 of ordinance No. 1330 are
hereby incorporated in this ordinance as if set forth herein, and by
such incorporation are made applicable to the Bonds and are hereby
made a part of this ordinance with respect to the Bonds as though
fully set forth herein.
(b) The city hereby reserves the right to issue Future Parity
Bonds under the same terms, conditions and requirements and with the
same limitations and restrictions as provided in Section 15 of Ordinance
No. 1330 for the issuance of additional or refunding revenue bonds on a
parity with the outstanding Parity Bonds and the Bonds.
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