Ordinance 4113 - Laserfiche WebLink

All interest earned and income derived by virtue of such investments shall remain in the Construction Fund and be used for the purposes for which said Fund is created. Any moneys remaining in the Construction Fund after the costs of such additions and improvements and incidental expenses have been paid shall be transferred to the 1965 Bond Redemption Fund for the uses and purposes herein provided. Section 5 . The Water System Fund has heretofore been created by Section 9 of Ordinance No. 1663 of the City and the City has pledged therein that there shall be deposited in such Fund as collected, all of the gross earnings and revenue of the System except for the monthly demand or minimum charges which Weyerhaeuser Timber Company , a Wash- ington corporation, and Scott Paper Company, a Pennsylvania corporation, have agreed to pay under the terms of the water contracts entered into between each of said companies and the City under date of June 1, 1957 and any and all amendments thereto , which monthly demand or mini- mum charges have been heretofore pledged to be paid into the Prior Lien Bond Redemption Funds . Any other monthly demand or minimum charge which any other user, industrial or otherwise , may agree to pay the City for water shall be paid into the Water System Fund. Section 6 . That there be and is hereby created another special fund of the City to be known as the "Everett 1965 Water Revenue Bond Redemption Fund" (hereinbefore defined as the "1965 Bond Redemption Fund" ) , which Fund is to be drawn upon for the sole purpose of paying the principal of, premium if any, and interest on the Bonds and any Parity Bonds as the same shall become due . The City hereby obligates and binds itself to set aside and pay into the 1965 Bond Redemption Fund, out of the money in the Water System Fund, the following fixed amounts necessary to pay the principal of and interest on the Bonds as the same respectively become due and 6 .