Ordinance 3816 - Laserfiche WebLink

• Ordinance No. 3754, as follows: First, that the Bonds are being issued for the purpose of acquiring, constructing and installing additions and improvements to and extensions of the System. Second, that at the time of the adoption of this ordinance and at the time of the issuance and delivery of the Bonds there is not nor will there be any deficiency in the Everett Special Revenue Bond Redemption Fund No. 7 and the Reserve Account therein (which Fund and Account were created to pay and secure the payment of the principal of and interest on the Outstanding Prior Lien Bonds) , nor is there now nor will there be at such time any deficiency in the Bond Redemption Fund and the Reserve Account. Third, that by Section 7 a of this ordinance the city covenants and provides 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 sewerage system of the city is combined with the water system) sufficient to meet the requirements contained in Section 11 a of Ordinance No. 3633 and Section 8 a of Ordinance No. 3754; that by Section 5 of this ordinance the city covenants and provides that it will pay into and maintain in the Reserve Account the amounts required by Section 6 of Ordinance No. 3633 to be paid into and maintained in said Account for the purpose of securing the payment of the principal of and interest on the Bonds. Fourth, that the City Council has been assured that at the time of the issuance and delivery of the Bonds the city will have on file a certificate executed by F. T. Osborne of Gray & Osborne, con- sulting engineers, Yakima, Washington, who is an independent consulting engineer licensed to practice in the State of Washington and experi- enced in the installation and operation of municipal utilities, showing that the net revenue of the System (as such net revenue is 4.