Ordinance 3754 - Laserfiche WebLink

• This bond is one of an issue of water revenue bonds of the city of like amount, date and tenor except as to number, interest rate and date of maturity, in the total principal sum of $115,000, which bonds are issued pursuant to ordinances of the city duly and regularly adopted, for the purpose of providing funds to pay part of the cost of acquiring, constructing and installing certain additions and improvements to and extensions of the water supply and distribution system of the city, and is payable solely out of the gross revenue of said system. The City of Everett hereby covenants and agrees with the owner and holder of this bond that it will keep and perform all the covenants of this bond and of Ordinances No. 3631, No. 3633, and No. to be by it kept and performed. The City of Everett does hereby pledge and bind itself to set aside from the gross revenue of such water supply and dis- tribution system and all additions and improvements thereto and extensions thereof, and to pay into said Bond Redemption Fund and the Reserve Account therein, the various amounts required by said Ordinances No. 3633 and No. to be paid into and maintained in said Fund and Account, all within the times provided by said ordinances. Said amounts so pledged are hereby declared to be a prior lien and charge upon the gross revenue of said water supply and distribution system, including all additions and improvements thereto and extensions thereof, superior to all other charges of any kind or nature except the normal cost of maintenance and operation of said system and the charges necessary to pay the principal of and interest on the outstanding water revenue bonds of the city issued under date of July 1, 1952, and equal in rank to the charges made thereon to pay the principal of and interest on the outstanding water revenue bonds of the city issued under date of October 1, 1957 and to any charges that may be made on -11-