Ordinance 3850 - Laserfiche WebLink

Section 9. The corporate authorities of the city hereby declare, in fixing the amounts to be paid into the 1961 Bond Re- demption Fund and the Reserve Account as hereinbefore provided, that they have exercised due regard to the cost of maintenance and operation of the System and the charges necessary to pay the prin- cipal of and interest on the Outstanding Prior Lien Bonds, and have not obligated the city to set aside and pay into said Fund and Ac- count a greater amount of the gross revenue of the System than in their judgment will be available over and above such cost of main- tenance and operation and the charges necessary to pay the principal of and interest on such Outstanding Prior Lien Bonds. Section 10. The City of Everett hereby covenants with the owner and holder of each of the Bonds for as long as any of the same remain outstanding as follows : a. That it will establish, maintain and collect rates and charges for water supplied (and for sanitary sewage collection and disposal service furnished in the event that the sanitary sew- erage system of the city is combined with the water system) for as long as any of the Outstanding Prior Lien Bonds and the Bonds are outstanding that will make available for the payment of the prin- cipal of and interest on all of such bonds as the same shall become due an amount equal to at least 1.40 times the maximum amount re- quired in any calendar year hereafter for the payment of all of such principal and interest, after normal costs of maintenance and operation of the System have been paid but before depreciation. b. That it will at all times keep and maintain the System in good repair, working order and condition, and will at all times operate the System and the business in connection therewith in an efficient manner and at a reasonable cost . 9.