Ordinance 3945 - Laserfiche WebLink

all additions and improvements thereto and extensions thereof. Subject to the redemption of the outstanding October 1, 1957, April 1, 1960, April 1, 1961, and December 15, 1961 water revenue bonds of the city, the amounts so pledged to be paid into said Fund and Account are hereby declared to be a prior lien and charge upon the money in said Water System Fund superior to all other charges of any kind or nature except the normal cost of maintenance and operation of said water supply and distribution system and the charges necessary to pay the principal of and interest on the out- standing water revenue bonds of the city heretofore issued under date of July 1, 1952. The City of Everett has further bound itself to main- tain said water supply and distribution system in good condition and repair, to operate the same in an efficient manner and at a reasonable cost, and to establish, maintain and collect rates and charges for water for as long as any of said July 1, 1952 water revenue bonds and the bonds of this issue are outstanding that will make available for the payment of the principal of and interest on all of such bonds as the same shall become due, an amount equal to at least 1.4 times the maximum amount required in any calendar year hereafter to pay the principal of and interest on all of such bonds, after normal costs of maintenance and opera- tion of said system have been paid but before depreciation. It is hereby certified and declared that the bonds of this issue are issued pursuant to and in strict compliance with the Constitution and laws of the State of Washington and the Charter and ordinances of the City of Everett, 9.