Ordinance 3816 - Laserfiche WebLink

• denominations of $1,000 each, shall bear interest at the rate of 2.875% per annum payable on the first day of October, 1961, and semiannually thereafter on the first days of April and October of each year from date of issue, and shall be numbered and mature in order of their number as follows: Bond Nos. Maturity Date Amount 1-5 October 1, 1962 $5,000 6-10 October 1, 1963 5,000 11-15 October 1, 1964 5,000 16-20 October 1, 1965 5,000 21-26 October 1, 1966 6,000 27-31 October 1, 1967 5,000. Both principal of and interest on the Bonds shall be pay- able in lawful money of the United States of America at the office of the City Treasurer in Everett, Washington or, at the option of the holder, at the fiscal agency of the State of Washington in New York, New York, and shall be obligations only of the Bond Redemption Fund. Section 4. The Bond Redemption Fund was created for the sole purpose of paying the principal of and interest on the Out- standing Parity Bonds, the Bonds, and any Future Parity Bonds that the city may later issue. The city hereby obligates and binds itself to set aside and pay into the Bond Redemption Fund out of the gross revenue of the Sys- tem 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 Bond Redemption Fund on or before the twentieth day of each month as follows: a. Commencing with the month of April, 1961, and continuing as long as any of the Bonds are outstanding and unpaid, an amount equal to at least one-sixth of the amount necessary (after the demand or minimum monthly charges provided for in Section 5 of Ordinance No. 3633 have been paid into the Bond Redemption Fund) to pay the interest coming due on the next interest payment date on all the Bonds then outstanding. 6.