Ordinance 4113 - Laserfiche WebLink

into and maintain in said 1965 Bond Redemption Fund and the Reserve Account created therein, the various amounts required by said Ordinance No. to be paid into and maintained in said Fund and Account , all within the times provided by said ordinance . The city has further pledged and bound itself to set aside and pay into said Water System Fund as collected, the gross earnings and revenue of its water supply and dis- tribution system and all additions and improvements thereto and extensions thereof. The amounts so pledged to be paid into and maintained in said Fund and Account are hereby declared to be a prior lien and charge upon the money in said Water System Fund superior to all other charges of any kind or nature except the , ormal costs of maintenance and operation of said water supply and distribution system, the charges necessary to pay the principal of and interest on the outstanding water revenue and water revenue refunding bonds of the city heretofore issued under dates of July 1, 1952 and April 1, 1963 respectively, and the amounts of the payments required to be made to the Public Utility District No. 1 of Snohomish County under that certain agreement entered into between the city and said public utility district under date of July 21, 1960, and equal in rank to any charges that may be made later upon the money in said Water System Fund to pay and secure the payment of the principal of and interest on any water revenue bonds which the city may issue later on a parity with the bonds of this issue . The City of Everett has further bound itself to maintain said water supply and distribution system in good condition and repair, to operate the same in an efficient manner and at a rea- sonable cost , and to establish, maintain and collect rates and 21.