Ordinance 3858 - Laserfiche WebLink

General and other Funds of the city as taxes or payments in lieu of taxes be made subordinate to all payments pledged to be made out of such gross revenue to pay and secure the payment of the principal of and interest on its outstanding water revenue bonds and all water revenue bonds which it may later issue; and WHEREAS, the city has heretofore covenanted in Section 7 of its Ordinance No. 3768, adopted July 19, 1960 (under which ordi- nance $2,700,000 par value of sewer revenue bonds of the city dated September 1, 1960 were sold) , that the amounts of the gross revenue derived by the city from the operation of its sewerage system pledged to pay and secure the payment of the prindpal of and interest on such sewer revenue bonds outstanding should be "superior to all other charges of any kind or nature (including any transfer of money to other funds of the city and taxes or payments in lieu of taxes payable to the city) except the normal expenses of maintenance and operation of the System (which expenses may include pro rata budget charges for city departments where such charges will be a reasonable distribution and share of actual cost) , . . . "; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1. That for as long as the city has any water revenue bonds outstanding, any transfer of money to other funds of the city and taxes or payments in lieu of taxes payable to the city out of the gross revenue derived by the city from the operation of its existing water supply and distribution system and all additions, improvements and extensions made thereto during the life of said bonds (which additions, improvements and extensions may include the sanitary sewage disposal system of the city should the same ever be combined with the water system in the manner authorized by law) shall not be considered a cost of maintenance and operation of such system, and shall be subordinate to all payments required to be made out of such gross revenue to pay and secure the payment of 2.