Ordinance 2839 - Laserfiche WebLink

revenue bonds. From and after the date of said bonds, and so long as any of the same are outstanding and unpaid, the City Treasurer shall set aside and pay into the said fund at least thirty days prior to the respective dates on which the interest, or principal and interest of said bonds shall become due and payable, certain amounts out of the gross revenues of said water system, including all additions and extensions thereof, equal to the respective amounts of interest, or interest and principal as the case may be, so falling due upon any and all bonds issued hereunder and then outstanding. The gross revenues from said waterworks system are hereby pledged to such payments which shall constitute a charge upon all such gross revenues prior and superior to all other charges whatsoever, excepting the necessary charges for mainten- ance and operation, and excepting those charges made for the payment of the principal and interest of the water revenue bonds heretofore issued by said city and now outstanding. Section 6. It is hereby declared that in the creation of such special fund as in this ordinance provided, the cor- porate authorities of the City of Everett have exercised due regard for the cost of operation and maintenance of said water- works system, and in the judgment of the corporate authorities of said city the revenues to be derived from the said system will be sufficient to meet all expenses of operation and maintenance, and to set aside into the said special fund the amounts herein provided. The payment of such bonds and inter- est coupons as they fall due is hereby declared to be the only charge which has been or will be made upon such special fund until all such bonds and interest thereon shall have been fully paid. Section 7. The City of Everett covenants and agrees 5.