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to and with the holders of each and every of the said bonds, <br /> in the event said bonds or a portion thereof be issued, to <br /> maintain in good condition and operate said waterworks system, <br /> and to establish and maintain such rates for water as will provide <br /> sufficient revenues to produce the gross revenues required to <br /> meet the obligations of said city as herein set forth. <br /> Section 8. The Mayor, City Clerk and City Treasurer <br /> of said City of Everett are hereby authorized and directed to <br /> provide for the issuance of said refunding bonds and to call <br /> for redemption and payment on January 1, 1940, of bonds numbered <br /> 501 to 1200 inclusive in the principal sum of 000,000 of the <br /> water revenue bonds dated January 1, 1930, of said city, and to <br /> use the proceeds of the sale of said refunding bonds for the <br /> purpose of redeeming and paying said outstanding bonds, the <br /> proceeds of the sale of the refunding bonds to be used solely <br /> for such purpose. The City Clerk is further directed to <br /> call for bids for the sale of said refunding bonds, said bids to <br /> be opened on the 15th day of ^,j012._ , 1939, the call for bids <br /> to be published once a week for at least two successive weeks <br /> prior to said date. <br /> Section 9. That by reason of the fact that said out- <br /> standing bonds to be redeemed as herein provided must be re- <br /> deemed on January 1, 1940, an emergency is hereby declared to <br /> exist, and this ordinance shall take effect immediately upon <br /> its passage and publication. <br /> City Council <br /> Passed by the of the City of Everett and ap- <br /> proved by its Mayor this 2h.tsiay of October, 1939. <br /> Mayor <br /> Attest: <br /> r _ <br /> City Clerk <br /> Published ; October 25th, 1939 . 6' <br />