Ordinance 3380 - Laserfiche WebLink

the special fund of the city known as "Everett Special Water Revenue Bond Redemption Fund No. 7" created by Ordinance No . 1-)5G of the city. The city has reserved the right to redeem any or all of the outstanding bonds of this issue at par in inverse numerical order on any interest payment date on and after ten years from date hereof . Notice of any such intended redemption shall be given by one publication thereof in the official city newspaper not more than forty nor less than thirty days prior to said redemption date and by mailing a like notice at the same time to the purchaser or purchasers of said bonds at the sale thereof by the city. This bond is one of an issue of water revenue bonds of the city of like date and tenor in the total principal sum of $1 ,250 ,000 , which bonds are issued for the purpose of providing funds for the construction and installation of certain necessary additions and improvements to the water supply and distribution system of the city, and is payable solely out of the gross revenue of said system. The City of Everett hereby covenants and agrees with the holder of this bond that it will keep and p e ro all to ot the covenants of this bond and of Ordinance No. by it kept and performed. The city does hereby pledge and bind itself to set aside from the gross revenue of said water system and all additions and improvements thereto and extensions thereof paid into the Water System Fund of the city, and to pay into said Bond Re- demption Fund No. 7 and the Reserve Account created therein by said Ordinance No. ”31G, the various amounts required by said ordinance to be paid into and maintained in said Fund and Ac- count , all within the times provided by said ordinance . Said amounts so pledged are hereby declared to be a prior lien and charge upon the gross revenue of said system, including all additions and improvements thereto and extensions thereof , and upon the money deposited in said Water System Fund, superior to all other charges of any kind or nature except the necessary cost of maintenance and operation of said system and except the charges necessary to pay the principal and interest of the out- standing water revenue bonds of the city issued under date of December 1, 1945 . The city has further bound itself to maintain said system in good condition and repair, to operate the same in an efficient manner and at a reasonable cost, and to establish, maintain and collect rates and charges for water sufficient in amount to permit the payment into said Bond Redemption Fund No. 7 of the amounts which the city has pledged to be set aside therein. It is hereby certified and declared that said bonds are issued pursuant to and in strict compliance with the Constitution and Laws of the State of Washington and ordinances of the City of 5 •