Ordinance 3850 - Laserfiche WebLink

Y - ORDINANCE NO. -- AN ORDINANCE of the City of Everett, Washington, specifying and adopting a plan for the ac- quisition, construction and installation of certain additions and improvements to the water supply and distribution system of the city; declaring the estimated cost thereof; au- thorizing the issuance and sale of $750,000 par value of water revenue bonds of the city to pay such cost; providing the date, form, terms and maturities of said bonds; creating a Construction Fund; creating a Bond Redemption Fund for the payment of the principal of and interest on such bonds, and a Reserve Account; providing certain covenants and protective features safeguarding the payment of the principal of and interest on said bonds; and declaring an emergency. WHEREAS, the City of Everett, Washington, now owns, main- tains and operates a water supply and distribution system which system is in need of certain additions and improvements in order to supply the city, its inhabitants and people living in the vicinity of the city with an adequate supply of potable water; and WHEREAS, in order to provide the money necessary to ac- quire, construct and install said additions and improvements it is deemed necessary and advisable that the city sell and issue its water revenue bonds in the total principal sum of $750,000; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1. As used in this ordinance the following words shall have the following meanings: a. The word "System" shall mean the e:;isting water supply and distribution system of the city as the same will be added to and improved out of the proceeds of the sale of the Bonds and as it may later be added to, improved and extended for as long as any of the Bonds are outstanding--which additions, improvements and extensions may include the sanitary sewage disposal system of the city should the same ever be combined with the System in the manner authorized by law.