Ordinance 3045 - Laserfiche WebLink

surrender of the annexed interest coupons as they severally become due, both principal and interest being payable in lawful money of the United States of America, at the office of the City Treasurer of the City of Everett , and the City Treasurer is hereby directed to pay the same as herein provided. The City of Everett hereby reserves the right to .Lay and redeem any or all of the unmatured out- standing bonds of this issue, in inverse numerical order, on any interest payment date on and after five years from date hereof, by giving thirty days notice of such intended redemption by publication in the official newspaper of said City, such public- ation to be not less than thirty days and not more than forty days prior to date of call, and interest upon such bonds so called for redemption shall cease on the date said bonds are called for payment . This bond is one of an issue of water revenue refunding bonds in the principal sum of :r910,000, all bearing even date herewith, payable only out of the gross revenues of the municipal waterworks system, out of the special fund called !Everett 1945 Water Revenue Refunding Bond Fund No. 6 , t created by Ordinance No. 3045 of said City, which fund is to be drawn upon for the sole purpose of payinc the principal and interest of said bonds . The City of Everett hereby covenants and a ;rees with the holder of this bond that it will keep and perform all of the covenants of this bond and of said Ordinance No. 3045 to be by it kept and performed, and said City does hereby irrevocably obligate and bind itself to set aside and pay into said bond fund from the gross revenues of said waterworks system, at least thirty days prior to the respective dates on which the principal,or interest and principal, of said bonds shall become due and payable, amounts sufficient to make such payments as they respectively become due. Said amounts so pledged are hereby declared to be a prior lien and charge upon the Mross revenues of said waterworks system and all additions thereto, superior to all other liens and charges, excepting the necessary charges for maintenance and operation. The City of Everett further binds itself not to sell, lease or in any manner dispose of said water- works system or any additions thereto until all of such bonds, with interest thereon shall have been fully paid, and said City further a gees while said bonds are outstanding to maintain in ry;ood condition and operate said waterworks system and to establish and maintain rates and charges for water sufficient to permit the payment into said special fund of said sums which the City has pledged to he set aside for the payment of the principal ana interest of said bonds . It is hereby found, certified and declared that said -3-