Ordinance 3383 - Laserfiche WebLink

• RT HF 6-27-52 8 ORDINANCE NO. 3383 AN ORDINANCE of the City of Everett , Washington, amending Section 9 of Ordinance No. 3380 , passed and approved June 17 , 1952 , and declaring an emergency. BE IT ORDAINED by the Council of the City of Everett , Washington, as follows : That Section 9 of Ordinance No. 3380 , passed and approved June 17 , 1952, and entitled "AN ORDINANCE of the City of Everett , Washington , adopting a plan for the construction and installation of certain additions and improvements to the water system of the city , declaring the estimated cost thereof, providing for the issuance of $1,250 , 000 of water revenue bonds for the purpose of providing funds to pay the cost of constructing and installing such additions and im- provements, providing the date , form, terms and maturities of said bonds, creating a special Bond Redemption Fund for the payment of the principal and interest thereof, providing certain covenants and pro- tective features safeguarding such payments , reserving the right in the city to issue additional revenue bonds or warrants on a parity with said bonds , ratifying the call for bids for the acquisition of certain materials and the construction and installation of certain of said improvements and tie awarding of contracts pursuant thereto , and declaring an emergency. " , be and the same is hereby amended to read as follows: "Section 9 . The City of Everett hereby covenants with the owner and holder of each of the bonds authorized herein as fol- lows : " (a) That it will establish, maintain and collect rates and charges for water which shall be adequate to provide sufficient revenue to meet all the obligations of the city as herein set forth, including the payment of the principal of and interest on the water revenue bonds authorized herein, the principal of and interest on the outstanding water revenue bonds of the city issued under date of December 1, 1945 , and the payment of the cost of the proper maintenance and operation