Ordinance 3816 - Laserfiche WebLink

WHEREAS, it was provided in said Ordinance No. 3633 that the city could issue additional water revenue bonds up to $650,000 in principal amount on a parity with said October 1, 1957 water revenue bonds if certain conditions could be met; and WHEREAS, said $115,000 of April 1, 1960 water revenue bonds were issued on a parity with said October 1, 1957 water revenue bonds, and it now appears to the City Council that said parity conditions may be met and that it is to the best interest of the city and its inhabitants that the $31,000 of water revenue bonds authorized herein be issued on a parity with such outstanding October 1, 1957 and April 1, 1960 water revenue bonds; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1. As used in this ordinance the following words shall have the meanings hereinafter set forth: a. The word "Bonds" shall mean the $31,000 par value of water revenue bonds of the city issued pursuant to this ordinance for the purposes authorized in Ordinance No. 3631 of the city and this ordinance. b. The word "System" shall mean the existing water supply and distribution system of the city as the same may be added to, improved and extended 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 Outstanding Parity Bonds, the Bonds, and any Future Parity 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. c. The words "Outstanding Prior Lien Bonds" shall mean the outstanding water revenue bonds of the city issued under date of July 1, 1952, of which issue there are now outstanding bonds in the total principal amount of $919,000. 2.