Ordinance 3633 - Laserfiche WebLink

• ORDINANCE NO. ' " AN ORDINANCE of the City of Everett, Washington, providing for the issuance and sale of $3,850,000 . of water revenue bonds of the city to pay the cost of certain additions and improvements to and extensions of the water supply and distribution system of the city as authorized by Ordinance No. 3631 thereof; providing the date, form, terms and maturities of said bonds; creating a Construction Fund; creating a Bond Redemption Fund for the pay- ment of the principal of and interest on such bonds and a Reserve Account; creating a Capital Improvement Fund; providing certain covenants and protective features safeguarding the payment of the principal of and interest on such bonds; reserving the right in the city to issue additional revenue bonds in the total principal amount of not to exceed S650,000 on a parity with the bonds to be issued upon com- pliance with certain conditions; and declaring an emergency. WHEREAS, by Ordinance No. 3631, passed and approved August 20, 1957, the issuance of water revenue bonds of the city in the total principal sum of S3,850,000 was authorized for the purpose of acquir- ing, constructing and installing certain additions and improvements to and extensions of the water supply and distribution system of the city; and WHEREAS, it is deemed necessary and to the best interest of the city and its inhabitants that said bonds now be issued and sold in order to provide the money necessary to accomplish said purpose; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1 . As used in this ordinance the following words shall have the meanings hereinafter set forth: (a) The word "Bonds" shall mean the $3,850,000 of water revenue bonds of the city issued for the purposes authorized in Ordinance No . 3631 of the city and this ordinance .