Ordinance 3380 - Laserfiche WebLink

• the city , and the interest coupons attached to said bonds shall be signed with the facsimile signatures of said officials. Section 6 . That there be and is hereby created a special fund of the city to be known as "Everett Special Water Revenue Bond Redemption Fund No . 7" , which fund is to be drawn upon for the sole purpose of paying the principal and interest of the water revenue bonds authorized herein as the same shall become due and payable . The city hereby obligates and binds itself to set aside and pay into said Bond Redemption Fund No. 7 out of the money in the Water System Fund of the city certain fixed amounts necessary to pay the principal of and in- terest on the bonds authorized herein as the same respectively become due and payable. Said payments shall be made into said Bond Redemption Fund No. 7 on or before the twentieth day of each month in the amounts hereinafter specified : (a) Beginning with the month of July , 1952, and continuing as long as any of the bonds authorized herein are outstanding and un- paid , an amount equal to at least one-sixth of the interest to become due and payable at the end of the next ensuing six-months period on all of said bonds then outstanding. (b) Beginning with the month of July , 1953 , and continuing as long as any of the bonds authorized herein are outstanding and un- paid , an amount equal to at least one-twelfth of the principal of said bonds to become due and payable on the next principal payment date . When there is sufficient money in the Bond Redemption Fund No. 7 and the Reserve Account hereinafter created to pay the principal and interest to maturity of all the outstanding bonds of the issue au- thorized herein, then no further payments need be made into said Bond 7 .