Ordinance 3945 - Laserfiche WebLink

• • and WHEREAS, the October 1, 1957, April 1, 1960 and April 1, 1961 bonds are all payable out of the special fund of the City known as the "Everett Water Revenue Bond Redemption Fund" created by Ordinance No. 3633 of the City, and constitute a second lien upon the gross earnings and revenue of the System; and the December 15, 1961 bonds are payable out of the special fund of the City known as "Everett 1961 Water Revenue Bond Redemption Fund" created by Ordinance No. 3850 of the City, and constitute a third lien upon the gross earnings and revenue of the System; and WHEREAS, on March 12, 1963, the City Council accepted the written offer of even date of Blyth & Co. , Inc . and Wm. P. Harper & Son & Company, investment banking corporations of Seattle, Washington, to purchase the $4,235,000 of revenue refunding bonds of the City, at par and accrued interest to date of delivery, and at the interest rates and under the terms, conditions and covenants of said bonds hereinafter set forth; and WHEREAS, the moneys that the City will have on deposit in the above-mentioned bond redemption funds and the reserve ac- counts created therein, together with the proceeds of sale of such refunding revenue bonds, will be sufficient, together with the interest earned by the investment of such moneys and proceeds, to pay all the interest due, premium, and principal of all of such bonds to the dates they mature or when they may first be called for redemption; and WHEREAS, such refunding will accomplish an interest saving to the City of well over $500,000; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1. As used in this ordinance the following wordcl shall have the following meanings : 2 .