Ordinance 3955 - Laserfiche WebLink

This bond is one of an issue of sewer revenue bonds of the city of like amount, date and tenor except as to number, rate of interest and date of maturity in the total principal sum of $4, 200,000, which bonds are issued pursuant to ordinances of the city duly and regularly adopted, for the purpose of providing money to pay part of the cost of acquiring, con- structing and installing additions and improvements to and extensions of the sewerage system of the city. All of said bonds are payable solely out of the gross revenue of such system and all additions , improvements and extension that may be made thereto . The City of Everett hereby covenants and agrees with the owner and holder of this bond that it will keep and per- form all the covenants of this bond and of Ordinances No. 3768 and No . to be by it kept and performed . The City of Everett does hereby pledge and bind itself to set aside from the money in the Sewer Revenue Fund of the city and to pay into the Bond Redemption Fund and Reserve Account created therein by said Ordinance No. 3768 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 No. . The city has further pledged and bound itself to pay into said Sewer Revenue Fund as collected all of the gross earnings and revenue derived by the city from the operation of its sewerage system and all additions , improvements and extensions which may be made thereto. Said amounts so pledged to be paid out of such Sewer Revenue Fund into said Bond Redemption Fund and Reserve Account are hereby declared to be a prior lien and charge 15 .