Ordinance 3955 - Laserfiche WebLink

• • • WHEREAS, it is necessary that the date, form, terms maturi- ties, covenants and conditions of said bonds to be issued now be fixed; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1 . As used in this ordinance the following words and phrases shall have the meanings hereinafter set forth unless the context shall clearly indicate that another meaning is intended . (a) The term "Outstanding Parity Bonds" shall mean the sewer revenue bonds of the city in the aggregate principal amount of $2,700,000 issued under date of September 1, 1960 . The Outstanding Parity Bonds are the only revenue bonds of the city outstanding at this time for the payment of the principal of and interest on which the money in the Sewer Revenue Fund (herein- after defined) has been pledged . (b) The term "Bonds" shall mean the sewer revenue bonds of the city in the aggregate principal amount of $4,200,000 issued pur- suant to and for the purposes authorized and provided in this ordinance . (c) The term "System" shall mean the existing sewerage system of the city as the same will be added to, improved and extended as authorized and provided in this ordinance and as the same may be added to, improved and extended for as long as any of the Outstanding Parity Bonds, the Bonds and any Parity Revenue Bonds (hereinafter defined) are outstanding, which additions, improvements and extensions shall include the water system of the city should such sewerage system ever be combined with such water system. (d) The term "Sewer Revenue Fund" shalla mean that certain fund of the city of that name created by Section 5 of Ordinance No. 3731, which section provides as follows: "Section 5 . CREATION OF SEWER REVENUE FUND . That there be and is hereby created a special fund of the city to be known as the 'Sewer Revenue Fund ' . Any and all con- nection charges and revenues received for the use of sewers 2 .