If the Coverage Certificate indicates that the 2005 Project was in compliance with those requirements, then Excess Revenues of the 2005 Project will be used to redeem the 2005 Series B Bonds.
Notwithstanding the foregoing, 2005 Series A Bonds shall not be optionally redeemed until such time as no 2005 Series B Bonds remain Outstanding.
THE 2005 BONDS: The 2005 Bonds are being issued by the City of Portland, Oregon (the City), in the aggregate principal amount of $11,740,000, of which $10,480,000 are 2005 Series A Bonds and $1,260,000 are 2005 Series B Bonds.
If those conditions are not met, all Excess Revenues of the 2005 Project will remain in the 2005 Excess Revenues Subaccount of the Revenue Fund subject to the provisions of the Declaration and will not distributed for purposes of enabling a special redemption of the 2005 Series B Bonds until such conditions are met.
The pledge of such Program Income to payment of the Notes is subordinate to the pledge of Program Income to payment of the 1993 Bonds, 1998 Series A Bonds, 1998 Series B Bonds, 2000 Bonds, 2001 Bonds, 2002 Series 1 Bonds, 2002 Series 2 Bonds, 2002 Series A Bonds, 2003 Bonds, 2004 Bonds, 2005 Series A Bonds, and 2005 Series B Bonds, and any other Bonds issued or to be issued pursuant to the General Resolution (Outstanding Bonds).