Ordinance 4113 - Laserfiche WebLink

name created in the 1965 Bond Redemption Fund by this ordinance for the purpose of securing the payment of the principal of and interest on the Bonds and of and on any Parity Bonds . h. The words "Parity Bonds" shall mean all water 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 System 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 Bonds . i . The words "P. U. D. No. 1 Agreement" shall mean that certain agreement entered into between Public Utility District No . 1 of Snohomish County and the City under date of July 21, 1960, for the multipurpose development of the Sultan River. j . The words "P. U. D. No. 1 Payments" shall mean the periodic amounts which the City has agreed to pay from the net operating revenues of the System to the Public Utility District No. 1 of Snohomish County under the P. U. D. No. 1 Agreement . Section 2 . For the purpose of providing the funds required to acquire , construct and install the additions and improvements to the System authorized in the Plan and System Ordinances , the City shall issue the Bonds in the principal amount of $12,000,000. The Bonds shall be dated December 1, 1965, shall be in the denomination of $5 ,000 each, shall bear interest at a rate of not to exceed 6% per annum payable semiannually on the first days of June and December of each year from date of issue, and shall be numbered and mature in order of their number as follows : Bond Nos . Maturity Date Amount 1-37 December 1, 1982 $185,000 38-76 December 1, 1983 195,000 77-122 December 1, 1984 230,000 123-197 December 1, 1985 375,000 198-276 December 1, 1986 395,000 277-358 December 1, 1987 410,000 3.