Ordinance 3850 - Laserfiche WebLink

Section 6 . That there be and is hereby created a special fund of the city to be known as the "Everett Water System 1962 Construction Fund" (herein called the "Construction Fund") . Imme- diately upon the delivery of the Bonds all of the proceeds derived from the sale thereof (except for accrued interest, which shall be paid into the Bond Redemption Fund hereinafter created) shall be paid into the Construction Fund, and shall be used for the sole purpose of paying the cost of acquiring, constructing and install- ing the additions and improvements to the System authorized herein =nd paying all of the expenses incidental thereto. If, after the r)avrnent of all of such costs and expenses, any money shall remain in the Construction Fund, the same shall be transferred to such :pond Redemption Fund or the Reserve Account created therein, and be used to pay or secure the payment of the principal of and in- t�rest on the Bonds. Section 7. That there be and is hereby created another special fund of the city to be known as the "Everett 1961 Water i?evenue Bond Redemption Fund" (herein called the "1961 Bond Re- demption Fund") , which Fund shall be drawn upon for the sole purpose of paying the principal of and interest on the Bonds as the same shall become due. The city hereby obligates and binds itself to set aside and pay into the 1961 Bond Redemption Fund out of the gross revenue of the System the following fixed amounts necessary to pay the principal of and interest on the Bonds as the same respectively become due and payable, which amounts shall be paid into the 1961 Bond Redemption Fund on or before the fifth day of each month as follows : 6.