Ordinance 3850 - Laserfiche WebLink

constructing and installing certain additions and improve- ments to the water supply and distribution system of the city and are payable solely out of the gross revenue of said system. The City of Everett hereb'✓ covenants and agrees with the owner and holder of this bond that it will keep and perform all the covenants of this bond and of Ordinance No. to be by it kept and performed. The City of Everett does hereby pledge and bind itself to set aside from the gross revenue of such water supply and distribution system and all additions and im- provements thereto and extensions thereof, and to pay into said 1961 Bond Redemption Fund and the Reserve Account therein, the various amounts required by said Ordinance No. to be paid into and maintained in said Fund and Account, all within the times provided by said ordinance. Said amounts so pledged are hereby declared to be a prior lien and charge upon the gross revenue of said water supply and distribution system, including all additions and improvements thereto and extensions thereof, superior to all other charges of any kind or nature except the normal cost of maintenance and operation of said system and the charges necessary to pay the principal of and interest on the outstanding water revenue bonds of the city heretofore issued under dates of July 1, 1952, October 1, 1957, April 1, 1960 and April 1, 1961. 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 12 .