HomeMy WebLinkAbout02091The Outatandinr, Parity Fonds are. th,c only Lond:, of the City
now outstanding which have a lien upon the money i.r. the Plater rand for
the payment of the principal thereof and interest thereon.
d. The words "Parity Bond Redemption Fund" shall mean the
special fund of the City known as the "Port Townsend 1959 blater Revenue
Bond Redemption Fund" created by Section 6 of :,aid Ordinance No. 1379
for the payment of the principal of and interest; on the Outstanding;
Parity Bonds, and shall include the reserve account created therein
by Section 7 of said ordinance.
e. The word "Bonds" shall mean the $050,000 principal amount
of water -sewer revenue bonds of the City issued for the purposes pro-
vided in and pursuant to this ordinance.
f. The words "1967 Bond Redemption Fund" shall mean the
special fund of the City known as the "Port Townsend 1967 Water -Sewer
Revenue Bond Redemption -Fund" created by this ordinance for the purpose
of paying the principal of and interest on the Bonds.
g. The words "Reserve Account" shall mean the account of
that name created in the 1967 Bond Redemption Fund by this ordinance
for the purpose of securing the payment, of the principal of and interest
on the Bonds.
h. The words "Future Parity Bonds" shall mean all revenue
bonds of the City issued after the date of the Issuance of the Bonds
and 'having a lien upon the money in the Water Fund for the payment of
the principal thereof and interest thereon equal to the lien upon the
money in such Fund for the payment of the principal of and interest on
the outstanding Parity Bonds and the Bonds.
Section 4. The City Council hereby finds and determines, as
required by Section 9(b) of Ordinance No. 1379, as follows:
First, that the Bonds are being, issued for the purpose of
acouiring, constructing and installing additions and improve-
ments to and extensions of the System.
Second, that at the time of the adoption of this ordinance
S.