Ordinance 3768 - Laserfiche WebLink

. • _ ' f - • • ORDINANCE NO. AN ORDINANCE of the City of Everett, Washington, specifying and adopting a plan for the acquisition, construction and installation of certain additions and improvements to and extensions of the system of sewerage of the city; declaring the estimated cost thereof, and amending Sections 1 and 2 of Ordinance No. 3712 of the city; authorizing the issuance of sewer revenue bonds in the total principal sum of $2, 700,000 to provide part of the funds necessary to acquire, construct and install such additions, improvements and exten- sions; fixing the date, form, terms, maturities and covenants of said bonds; creating a Sewer Construction Fund; creating a Bond Redemption Fund for the payment of the principal of and interest on said bonds and any bonds that may be issued later on a parity therewith, and a Reserve Account; fixing certain covenants and protective provisions safeguarding the payment of the principal of and interest on said bonds; providing that additional revenue bonds may be issued on a parity with such bonds upon compliance with certain conditions; and authorizing the sale of such bonds . WHEREAS, Ordinance No. 3712 of the City of Everett, adopted April 1, 1959, specified and adopted a plan of additions and im- provements to and extensions of the system of sewerage of the city and declared the estimated cost thereof; and WHEREAS, since the adoption of said ordinance certain areas have been annexed to the City of Everett; and WHEREAS, it is hereby found necessary that certain addi- tions and improvements to and extensions of such system of sewerage be acquired, constructed and installed in said areas, and that Ordinance No. 3712 be amended to so provide; and WHEREAS, in order to pay part of the cost of acquiring, constructing, equipping and making the additions and improvements to and extensions of the sewerage system provided for by said Ordi- nance No. 3712 as amended by this ordinance, it is deemed necessary and advisable that the city issue and sell its sewer revenue bonds in the total principal sum of $2, 700,000; and WHEREAS, it is necessary that the date, form, terms, maturities, conditions and covenants of said bonds be now fixed;