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created in the Reserve Account by reason of any such withdrawal shall <br /> then be made up from moneys in the Water System Fund first available <br /> after making necessary provision for the required payments into the <br /> Bond Redemption Fund No. 7. <br /> All money in the Reserve Account above provided for may be <br /> kept in cash or invested in direct obligations of the United States <br /> Government maturing not later than twelve years from date of purchase <br /> and in no event later than tie last maturity of the outstanding bonds <br /> of the issue authorized herein. Interest earned on any such invest- <br /> ments shall be retained in Reserve Account, <br /> Section S. The corporate authorities of the City of Everett <br /> hereby declare, in fixing the amounts to be paid into Bond Redemption <br /> Fund No. 7 and the Reserve Account created therein as aforesaid, that <br /> they have exercised due regard to the cost of maintenance and operation <br /> of said water supply and distribution system and the charges necessary <br /> for the payment of the principal and interest of the oustanding water <br /> revenue bonds of the city issued under date of December 1, 1945, and <br /> have not obligated the city to set aside and pay into said Fund and <br /> Account a greater amount or proportion of the revenue of said system <br /> than in their judgment will be available over and above such cost of <br /> maintenance and operation and the amounts necessary to pay the principal <br /> and interest of said outstanding bonds. <br /> Section 9. The City of LL":verett hereby covenants with the <br /> owner and holder of each of the bonds authorized herein as follows: <br /> (a) That it will establish, maintain and collect rates and <br /> 9, <br />