Ordinance 2698 - Laserfiche WebLink

This bond is one of an issue of special water revenue bonds in the principal sum of 01,300,000 authorized by the voters of said city of Everett at an election held June 20, 1936, pursuant to said Ordinance Vo. 2687 for the purpose of providing funds for constructing certain additions to the municipal waterworks system and is pay- able out of the special fund created by said ordinance called, "Everett 1936 Special Water Revenue Bond Fund No . 5" , which fund is to be drawn upon for the sole pur- pose of paying the principal and interest of said bonds. 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 irrev- ocably obligate and bind itself to set aside and pay into said bond fund from the gross revenues of said water system at least thirty gays prior to the respective dates on which the interest or principal and interest of said bonds shall become due and payable, a sum equal 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 revenues 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 and now outstanding. The City of Everett further binds itself not to sell, lease or in any manner dispose of said waterworks system or any additions thereto until all of such bonds, with in- terest thereon shall have been fully paid, and said city further agrees while said bonds are outstanding to main- tain in good 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 be set aside for the payment of the principal and interest of said bonds. It is hereby found, certified and declared that said bonds are issued pursuant to and in strict compliance with the laws and constitution of the State of Washington and of the charter and ordinances of the City of Everett, and that all acts, conditions and things required to be done precedent to and in the issuance of this bond have happened, been done and performed, as required by law. IN WITNESS WHEREOF, the City of �lverett has caused this bond to be signed by its mayor and attested by its city clerk, and its corporate seal to be hereto affixed, and the interest coupons attached to be signed and sealed with the lithographed signatures of said officers this 1st day of December, 1936. CITY OF EVERETT By ATTEST: Its Mayor Its City Clerk -3-