Ordinance 3633 - Laserfiche WebLink

• Section 4 . That there be and is hereby created a special fund of the city to be known as the "Everett Water System Construction Fund" (hrein called the "Construction Fund" ) . Immediately upon the sale of the Bonds, all of the proceeds derived from such sale, except for accrued interest which must be paid into the Bond Redemption Fund hereinafter created, shall be paid into the Construction Fund, and shall be used for the sole purpose of acquiring, constructing and installing the additions and improvements to and extensions of the System authorized in Ordinance No. 3631 of the city and paying all of the expenses incidental thereto . If, after the payment of all such expenses, any money shall remain in the Construction Fund, the same shall be transferred to such Bond Redemption Fund and be used to pay the principal of or interest on the Bonds. Section 5 . That there be and is hereby created another special fund of the city to be known as the "Everett Water Revenue Bond Redemption Fund" (herein called the `Bond Redemption Fund" ), which Fund is to be drawn upon for the sole purpose of paying the principal of and interest on the Bonds and any Parity Revenue Bonds outstanding as the same shall become due . The city hereby obligates and binds itself to set aside and pay directly into the Bond Redemption Fund upon receipt thereof each month the available amount of the demand or minimum monthly charges which Weyerhaeuser Timber Company, a Washington corporation, and Scott Paper Company, a Pennsylvania corporation, have agreed to pay the city under the terms of the water contracts entered into between each of said companies and the city under date of June 1, 1957 and any and all amendments thereto, and the available amount of any similar demand or minimum monthly charges which any other industrial user may agree to pay the city for water. -5-