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into the 1967 Bond Redemption Fund and Reserve Account shall be paid out
Of the Water Fund.
Section 11. That there be and is hereby created another special
fund of the City to be known as the "Port Townsend 1967 Water•Sewer
Revenue Bond Redemption Fund (hereinbefore defined as the "1967 Bond
Redemption Fund"), which Fund is to be drawn upon for the sole purpose
of paying the principal of and interest on the Bonds.
The City hereby obligates and binds itself to set aside and
pay into the 1967 Bond Redemption Fund out of the money in the ;later
Fund the following fixed amounts necessary to pay the principal of and
interest on the Bonds outstanding as the same respectively become due
and payable. Such payments shall be made into the 1967 Bond Redemption
Fund on or.before the twentieth day of each month in the following
amounts:
a. Commencing with the month of January, 1967 and continuing
for as long as any of the Bonds are outstanding and unpaid, an amount
equal to at least one -sixth of the interest to become due and payable
on the next interest payment date on all of the Bonds then outstanding.
b. Commencing with the month of January, 1970 and continuing
for as long as any of the Bonds are outstanding and unpaid, an amount
equal to at least one -twelfth of the principal of the Bonds to become
due and payable on the next principal payment date.
Such payments shall be a charge upon the money in the Water
Fund ranking equally and ratably and on a parity with the payments
heretdbre required by Ordinance No. 1379 of the City to be paid out
of the Water Fund into the Parity Bond Redemption Fund.
Said amounts so pledged to be paid out of the Water Fund into
the 1967 Bond Redemption Fund and into the Reserve Account as herein-
after provided are hereby declared to be a prior lien and charge upon
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