Ordinance 3955 - Laserfiche WebLink

upon the money in said Sewer Revenue Fund superior to all other charges of any kind or nature except the normal expenses of maintenance and operation of said system and equal in rank to the charges made on the money in said Sewer Revenue Fund to pay the principal of and interest on the outstanding sewer revenue bonds of the city issued under date of September 1, 1960, and to any charges that may be made later upon the money in said Sewer Revenue Fund to pay and secure the payment of the principal of and interest on any revenue bonds that the city may issue later on a parity with said outstanding September 1, 1960, bonds and the bonds of this issue . The City of Everett has further bound itself to main- tain said sewer system in good condition and repair , to oper- ate the same in an efficient manner and at a reasonable cost and to establish, maintain and collect rates and charges for sanitary sewage collection and disposal service (and for water in the event the sewerage system is ever combined with the water system of the city) for as long as any of such September 1, 1960, sewer revenue bonds, the bonds of this issue and any revenue bonds which may be issued later on a parity therewith are outstanding that will make available for the payment of the principal of and interest on all of such bonds as the same shall become due an amount equal to at least 1 .35 times the amount required each calendar year here- after for the payment of all of such principal and interest after normal expenses of maintenance and operation of such system have been paid but before depreciation. It is hereby certified and declared that the bonds of this issue are issued pursuant to and in strict compliance 16 .