Ordinance 2839 - Laserfiche WebLink

. • • (BT/BP 10-14-39 4 ORDINANCE NO.2839 . AN ORDINANCE providing for the issuance and sale of refunding water revenue bonds of the City of Everett in the sum of 4700,000 for the purpose of paying the outstanding water revenue bonds of said city dated January 1, 1930, creating a special fund for the payment of the principal and interest of said refunding bonds, providing for the form, maturities and terms thereof, and declaring an emergency. WHEREAS, on January 1, 1940, there will be outstanding and unpaid special water revenue bonds of the City of Everett in the principal sum of 4700,000 numbered 501 to 1200 inclusive, issued pursuant to Ordinances No. 2433 and 2479 of said City, for the purpose of making additions to and betterments of the city's water system, which said bonds under their terms may be redeemed on January 1, 1940, upon payment of the principal and accrued interest to date of redemption; and City Council WHEREAS, in the opinion of the GawatIasipon of the City of Everett refunding water revenue bonds bearing a lower rate of interest than the outstanding bonds may now be issued and sold for the purpose of refunding and paying said outstanding bonds, and it is for the best interest of said city that said outstanding water revenue bonds be now refunded and paid as herein provided; NOW, THEREFORE, the City of Everett does ordain: Section 1. That said outstanding bonds, numbered 501 to 1200 inclusive, dated January 1, 1930, in the principal sum of $700,000, be called for redemption and payment on January 1, 1940, and for the purpose of paying therefor there now be issued under date of January 1, 1940, refunding water revenue bonds of the City of Everett in the principal sum of 700,000, said bonds to be in denominations of $1,000 each, numbered from 1 to 700 inclusive, bear interest at a rate not exceeding it per annum, payable semi-annually, and maturing serially in order of their number as follows: 1. •