Ordinance 3768 - Laserfiche WebLink

paid into and maintained in said Fund and Account, all within the times provided by said ordinance. The city has further pledged and bound itself to pay into said Sewer Revenue Fund as collected all of the gross earnings and revenue derived by the city from the operation of its sewerage system and all additions, improvements and ex- tensions which may be made thereto. Said amounts so pledged to be paid out of said Sewer Revenue Bund into said Bond Redemption Fund and Reserve Account are hereby declared to be a prior lien and charge upon the money in said Sewer Revenue Fund superior to all other charges of any kind or nature except the normal ex- penses of maintenance and operation of said system, and equal in rank to any charges that may be made later upon the money in said Sewer Revenue Fund to pay and secure the payment of the principal of and interest on any revenue bonds that the city may issue later on a parity with the bonds of this issue . The City of Everett has further bound itself to main- tain said sewerage 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 sanitary sewage collection and disposal service (and for water in the event the scwcrage _system is ever combined with the water system of the city) for as long as any of the bonds of this issue and any revenue bonds which may be issued later on a parity therewith are out- standing that will make available for the payment of the principal of and interest on all of such bonds as the same shall become due an amount equal to at least 1 . 35 times the amount required each calendar year hereafter for the payment -29-