Ordinance 3945 - Laserfiche WebLink

• made from the sale of, investments made of the money in such Fund, shall be held in trust and shall be used only to pay the amounts necessary to pay in full and redeem and retire the out- standing Third Lien Bonds on the following dates : Maturing Final Bond Issue Interest Principal Redemption Premium 6-15-63 to and 12-15-61 including None 12-15-71 12-15-71 12-15-71 The moneys held on deposit in each of said bond redemp- tion funds shall be invested as provided in Ordinance No. 3946 of the City. 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 7. The Water System Fund has heretofore been created by Section 9 of Ordinance No. 1663, and the City has pledged that there shall be deposited in such Fund as collected all of the gross earnings and revenue of the System except for the monthly demand or minimum charges which Weyerhaeuser Timber Company, a Washington corporation, and Scott Paper Company, a Pennsylvania corporation, have agreed to pay the City under the terms of the water contracts entered into between each of said companies and the City under date of June 1, 1957 and any and all amendments thereto. Any other monthly demand or minimum charge which any other industrial user may agree to pay the City for water shall be paid into such Water System Fund. Section 8. The City hereby obligates and binds itself to pay into the special fund of the city known as the "Everett 12 .