Ordinance 4113 - Laserfiche WebLink

ORDINANCE NO. /1//3 AN ORDINANCE of the City of Everett , Washington, providing for the issuance of $12 ,000,000 principal amount of water revenue bonds of the City for the purpose of providing funds to acquire , construct and install certain additions and improvements to the water supply and distribution system of the City ; fixing the date , form, terms , maturities and covenants of said bonds ; creating a Bond Redemption Fund for the pay- ment of the principal o`' and interest on such bonds and any other revenue bonds which may be issued on a parity therewith, creating a Reserve Account in said Bond Redemption Fund, providing certain covenants and protective features safeguarding the payment of such principal and interest ; reserving the right in the City to issue revenue bonds on a parity with such bonds to be issued, upon compliance with certain conditions ; and authorizing the sale of such bonds to be issued. WHEREAS, by Ordinance No. 4057 of the City of Everett , Wash- ington (hereinafter called the "City") , adopted November 13, 1964 , as APRIL. 4 amended by Ordinance No. 4080 adopted Ma -3.0, 1965, and as both of said ordinances were amended by Ordinance No . 4112 adopted November 3 , 1965 (hereinafter called the "Plan and System Ordinances" ) , the issu- ance of water revenue bonds of the City in the principal amount of $12 ,000,000 was authorized in order to provide funds to pay the cost of acquiring, constructing and installing those certain additions and improvements to the water supply and distribution system of the City authorized in the Plan and System Ordinances ; and WHEREAS, it is deemed necessary that the City now issue and sell such $12 ,000 ,000 of water revenue bonds in order to pay the cost of acquiring, constructing and installing such additions and improve- ments ; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1 . As used in this ordinance the following words shall have the following meanings :