Ordinance 3945 - Laserfiche WebLink

Special Water Revenue Bond Redemption Fund No. 7" created for the payment of the principal of and interest on the Prior Lien Bonds, the sum of $6, 162 per month commencing with the April charges to be paid in the month of May, 1963 and continuing for as long as any of such Prior Lien Bonds are outstanding, out of the monthly demand or minimum charge payments to be made by Weyerhaeuser Timber Company and Scott Paper Company under the terms of the aforementioned con- tracts and any and all amendments thereto. The City further obligates and binds itself to set aside, and pay directly into the 1963 Bond Redemption Fund, commencing with the April charges to be paid in the month of May, 1963, the balance of such monthly demand or minimum charge payments made by Weyer- haeuser Timber Company and Scott Paper Company under the terms of the aforementioned contracts and any and all amendments thereto. Section 9. That there be and is hereby created another special fund of the City, to be known as the "Everett 1963 Water Revenue Refunding Bond Redemption Fund" (hereinbefore defined as the "1963 Bond Redemption Fund") , which Fund is to be drawn upon for the sole purpose of paying the principal of and interest on the Bonds as the same shall become due. The City hereby obligates and binds itself to set aside and pay into the 1963 Bond Redemption Fund, out of the money in the Water System Fund, the following amounts which are necessary to pay the principal of and interest on the Bonds outstanding as the same respectively become due and payable . Said payments shall be made on or before the twentieth day of each month in the following amounts : a. Commencing with the month of April, 1963 and con- tinuing for as long as any of the Bonds are outstanding and un- paid, an amount equal to at least one-sixth of the amount, after said monthly demand or minimum charges have been paid, of the 13 .