Ordinance 3816 - Laserfiche WebLink

distribution system and all additions and improvements thereto and extensions thereof, and to pay into said Bond Redemption Fund and the Reserve Account therein, the various amounts re- No. 3754 quired by said Ordinances No. 3634/and No. to be paid into and maintained in said Fund and Account, all within the times provided by said ordinances. 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 issued under date of July 1, 1952, and equal in rank to the charges made thereon to pay the principal of and interest on the outstanding water revenue bonds of the city issued under dates of October 1, 1957 and April 1, 1960 and to any charges that may be made on said revenue for the payment of the prin- cipal of and interest on any revenue bonds which the city may later issue on a parity with said October 1, 1957 and April 1, 1960 bonds and the bonds of this issue. The City of Everett has further bound itself to maintain 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 and collect rates and charges for water (and for sanitary sewage disposal service should the sanitary sewerage system of the city ever be combined with the water system) for as long as any of said July 1, 1952, October 1, 1957 and April 1, 1960 water revenue bonds, the bonds of this issue, and any revenue bonds which may be issued later on a parity with such October 1, 1957 11.