Ordinance 3946 - Laserfiche WebLink

and the interest earned from, and/or profits made from the sale of, investments made of the money in such funds, will be sufficient to pay the principal and interest coming due on all of the bonds pay- able out of such funds to the dates when the same may first be called for redemption and to pay the principal thereof on such redemption dates together with the premiums necessary to effect such redemption on said dates, all as provided in Section 6 of said Ordinance No. 3945; and WHEREAS, the provisions of this ordinance are deemed necessary in order to insure the safekeeping of the moneys in the 1957 and 1961 Bond Redemption Funds and the investments made there- from, and to insure the proper investment of such moneys so that the principal of and interest on the bonds payable out of such funds will be paid when due and so that there will be sufficient money in each of said bond redemption funds to redeem and retire said bonds on the first dates that they may be called for redemption; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1. Immediately upon receipt of payment in full for the April 1, 1963 Water Revenue Refunding Bonds of the City, the following amounts of the proceeds of the sale of such bonds shall be paid into or credited to the following special funds of the City: 1957 Bond Redemption Fund $ ,�C=r�-, 0o 1961 Bond Redemption Fund $ 7 2, (1-0-o Such $3 # r3,000 -, together with the money on hand in the 1957 Bond Redemption Fund and the reserve account created therein, shall be used immediately to purchase the following-described direct obligations of the United States at the then current market price plus accrued interest : 3.