Ordinance 3380 - Laserfiche WebLink

RT HF 6$-52 8 ORDINANCE NO. 5 fei AN ORDINANCE of the City of Everett , Washington , adopting a plan for the construction and in- stallation of certain additions and improvements to the water system of the city , declaring the estimated cost thereof, providing for the issu- ance 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 improvements , 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 protective features safe- guarding 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 the awarding of contracts pursuant thereto , and declaring an emergency . WHEREAS, the City of Everett, Washington, now owns , operates and maintains a water supply and distribution system for the purpose of supplying the city , its inhabitants and people in the vicinity thereof with water, which system is in need of certain additions and improvements in order to provide an adequate supply of potable water to the city and said people; and WHEREAS, in order to provide funds for the construction and installation of said improvements, it is deemed necessary that the city issue and sell its water revenue bonds in the total principal sum of $1,250, 000; and WHEREAS, the city has heretofore called for bids and awarded contracts for the purchase of certain materials necessary for the con- struction and installation of said additions and improvements and for the construction and installation of part of the same; and WHEREAS, notice of sale of these bonds has heretofore been published as authorized by Resolution so . 5590 5 0pofsibe City Council, for as the reason that it is necessary to obtain funds/to make payments required under said contracts;