Ordinance 2704 - Laserfiche WebLink

7 T t or at she fiscal agency of the state of ",+asi ingtc.n in hew York City at holder' s option, only out of the n supply system s +� City gross revenues of the water �a^,ply ,, ate :. of said of Everett as provided in Ordinance ho. 2687 of said city, passed and ar :roved June 20 , 1936 , and the City Treasurer of said city is hereby directed to pay the same as therein provided . This bond is one of an issue of special water revenue bonds in the principal sum of 11,300 ,000 authorized by the voters of said city of Everett at an election held June 20 , 1936 , . pursuant to said Ordinance to . 2687 for the purpose of providing funds for constructingcertain additions to the municipal waterworks system and is pay- able out of the special fund created by said ordinance called "Everett 1936 Special 7Jater Revenue bond Fund _ o.5" , which fund is to be drawn upon for the sole purpose of pay- ing the _principal and interest of said bonds. Said city has the right at its option to call for payment any or all of the bonds of said issue on any interest payment date on• and after ten years from date of said bonds by publishing notice of such call in the city official paper once a weer for a period of at least three weeks immediately preceding the date of said call. The City of Everett hereby covenants with the holders of this bond that it will keep and perform all of the covenants and promises in said ordinance contained to be by it kept and performed and said city does hereby i' revo cably obligate and bind itself to set aside and pay into said bond fund from the gross revenues of said water system 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 , a sum etual to the amounts- of such interest or such principal and interest , as the case may be , which. amounts so pledged are hereby declared to be a prior lien and charge upon the gross reve ues of said waterworks system and all additions thereto , superior to all other liens and charges , excepting necessary charges for mainten- ance and operation , and the special water revenue bonds heretofore issued End now outstanding. The City of Everett further binds itself not to sell, lease or in any nonner dispose of said waterworks system or any additions thereto until all of such bands , with in- terest thereon shall have been fully paid , and said city further agrees while said bonds are outstandin=_ to main- tain in good condition and operate said -waterworks system and to establish and maintain rates and chares for water sufficient to, ermit the payment into said special fund of said sums which city has pledged to be set. aside ce for the payment of the principal and interest of said bonds. It is hereby found , certified and declared that said bonds are issued pursuant t and in strict compliance with the laws and constitution of the _ tate al a uinEton and of the charter ter and ordinances of the City of Everett , and that all acts , conditions and thins re. uired to be done precedent to and in the ia suance of this bond have Yaobened, been done and pe. f or•ued , as required by law. -a'-