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• <br /> . . <br /> ORDINANCE NO. .3 8,15 <br /> AN ORDINANCE of the City of Everett, Washington, <br /> relating to payments to be made out of the <br /> gross revenue derived by the city from the <br /> operation of its water supply and distribution <br /> system, and declaring an emergency. <br /> WHEREAS, the City of Everett now has outstanding its <br /> revenue bonds in the total principal sum of $4,622,000 which are <br /> payable both principal and interest out of the gross revenue de- <br /> rived by the city from the operation of its existing water supply <br /> and distribution system and all additions, improvements and extensions <br /> that will be made thereto over the life of said bonds; and <br /> WHEREAS, pursuant to Ordinance No. 3850, adopted November <br /> 14, 1961, the city is selling on December 5, 1961 an additional <br /> $750,000 of its revenue bonds payable out of the gross revenues <br /> it derives from the operation of its said water supply and dis- <br /> tribution system; and <br /> WHEREAS, in previous years, by proper budgetary action, <br /> the city has heretofore transferred moneys from the gross revenue <br /> it has derived from the operation of its water supply and distribution <br /> system to other funds, including the General Fund of the city, and <br /> intends to continue this practice in order to provide sufficient <br /> moneys to pay the general and administrative expenses of the city <br /> in such future years; and <br /> WHEREAS, in order to make the $750,000 par value of water <br /> revenue bonds that are being sold by the city on December 5, 1961 <br /> more salable and thus effect an interest saving to the city over the <br /> life thereof, it is deemed necessary and advisable that all future <br /> transfers of money from the gross revenue derived by the city from <br /> the operation of its water supply and distribution system to the <br />