Ordinance 3633 - Laserfiche WebLink

water systems (and sanitary sewage collection and disposal systems in the event that the sanitary sewerage system of the city is com- bined with the water system) to the full insurable value thereof and that it will also carry public liability insurance at all times which, in the opinion of the Council, is adequate . That it will also carry insurance in an amount of not less than $200,000 to reimburse the city for any failure of Weyer- haeuser Timber Company and/or Scott Paper Company to pay the com- modity charges due the city under the terms of the hereinbefore mentioned water contracts entered into between each of said companies and the city and any and all amendments thereto, by reason of fire or any other damages to the facilities of said companies that are covered by extended coverage insurance . Any and all payments made to the city under such policies are hereby declared to be in lieu of such com- modity charges, part of the gross revenue of the System, and subject to all of the covenants and pledges herein made as to the use and disposal of such gross revenue . (f) That it will not furnish water (or sanitary sewage collection and disposal service in the event the sanitary sewerage system of the city is combined with the water system) to any customer whatsoever free of charge . Section 12. The City of Everett hereby further covenants with the owner and holder of each of the Bonds for as long as any of the same remain outstanding that it will not issue any Parity Revenue Bonds except that the city reserves the right for the purpose of acquiring, constructing and installing additions, betterments and improvements to and extensions of, acquiring necessary equipment for, or making necessary replacements of or repairs or capital improvements -14-