Ordinance 3946 - Laserfiche WebLink

All of such U. S. Treasury Bills, Notes and Bonds shall be held in safekeeping by the Seattle-First National Bank, Everett Branch, Everett, Washington, for the respective bond redemption funds purchasing the same, which bank has heretofore been designated as a City depositary as required by Section 134 of the City Charter and has qualified as such depositary as required in said Charter. Section 2. All of the money received as principal of or interest on such Government obligations shall be deposited immediately upon receipt thereof to the credit of the proper bond redemption fund. The checks evidencing such money shall be endorsed "FOR DEPOSIT ONLY" to such funds by the City Treasurer, or by the Chief Deputy Treasurer in the absence of the Treasurer. All of the money received and deposited to the credit of such bond redemption funds shall be held in trust and shall be used for the sole purpose of paying the principal of and interest on the outstanding water revenue bonds of the City payable out of such funds as the same shall become due, and to redeem and retire such bonds on the first dates that they may be called for redemption and to pay the premiums on such dates necessary to effect the redemption of such bonds. Any and all moneys left on hand in the 1957 and 1961 Bond Redemption Funds after all of the payments have been made therefrom as above provided to redeem and retire all of the bonds payable out of such funds shall be transferred to the Water System Fund. Section 3. The Seattle-First National Bank shall render a monthly statement to the City of the receipts of and withdrawals from the 1957 and 1961 Bond Redemption Funds of the City as more fully required in Section 137 of the City Charter. Section 4. All interest on or principal of the above- described United States Government obligations received by the City 5.