Ordinance 4080 - Laserfiche WebLink

Warrants bearing interest at the rate of 3% per annum payable from date of issuance to date of redemption may be drawn upon said fund from time to time on the authorization of the City Council, upon receipt by the Council of bills approved by the Water Superintendent, for the purpose of providing funds to pay the cost of part of the water system improvements authorized in Section 1 of said Ordinance No. 4057, as amended by Section 1 of this ordinance. It is hereby provided, however, that the total principal amount of such warrants shall not exceed $1,000 ,000. Upon the issuance of such warrants the same shall be delivered and sold to local banks at par as per agreement heretofore made with such banks by the City. The proceeds of sale of such warrants shall be deposited immediately to the credit of the "Water System Fund" of the City and shall be used only to pay the approved bills for which such warrants were authorized and issued. Section 3. Because it is necessary to pay certain bills which the city has already incurred, and will soon incur, for the carrying out of part of the said comprehensive plan of additions and improvements to its water supply and distribution system, an emergency is hereby declared to exist and it is hereby found necessary for the public health, welfare and safety that this ordinance become effective immediately upon its passage, approval and publication as required by law. PASSED UNANIMOUSLY by the City Council of the City of Everett, Washington, at a regular meeting of said Council duly held 5.