Ordinance 3383 - Laserfiche WebLink

of said water system, including all necessary repairs thereto and replacements thereof. " (b) That it will at all times keep and maintain said water system and all additions and improvements thereto and extensions thereof in good repair, working order and condition, and will at all times operate the same and the business in connection there- with in an efficient manner and at a reasonable cost. " (c) That it will not sell or otherwise dispose of all of the properties of such system unless provision is made for pay- ment into Bond Rede_r_ption Fund No . 7 of a sum sufficient to pay the principal of and interest on all the outstanding bonds authorized herein in accordance with the terms thereof, nor will it sell or otherwise dispose of any portion thereof unless provision is made for payment into Bond Redemption Fund No. 7 of an amount which shall be in at least the same proportion to e amount of outstanding bonds of the issue authorized herein that the revenue available for debt service of such bonds for the twelve months preceding such sale or disposition from the portion of the system sold or disposed of bears to the revenue available for debt service of said bonds from the entire system for the same period. "Any such money so paid into Bond Redemption Fund No . 7 shall be used to retire said outstanding bonds at the earliest Possible date. " Section 2. This ordinance is declared to be one necessary for the immediate preservation of the public peace , property , health and safety of the people of the City of Everett, Washington. An emergency is hereby declared to exist , and this ordinance is hereby declared to be in full force and effect from and after its passage , approval and publication as provided by law. PASSED by the City Council and approved by the Mayor this 1st day of July, 1952. CITY OF�EVEERETT, WASHINGTON By v `11 G "✓ �'ey2. / ATTE T: '�� Mayor ity Clerk Published: July 2, 1952 2.