Ordinance 2656 - Laserfiche WebLink

That as a part of said system or plan, said city also adopts and ratifies that certain contract heretofore entered into by said City for the construction of a portion of said pipe line leading from said City Reservoir to the pulp plant of the Weyerhaeuser Timber Company, including all obligations for payment to be made thereunder. The estimated cost of all of said additions and better- ments to said water works system as hereinbefore set forth is hereby found and declared to be the sum of $175,000. Section 2. Said City does hereby propose , specify and adopt as an integral part of the plan for the constructing of such betterments and additions to the municipal water supply system, and for the purpose of providing funds to pay therefor and to pay for that portion of the work already contracted for, that it shall issue special water revenue bonds in the principal sum of not more than 'p175,000 bearing interest at the rate of not to exceed 4% per annum, payable semi-annually, both principal and interest payable solely out of the gross revenues of the water supply system from a special fund des- ignated "1935 Special Water Revenue Bond Fund No. 4" , as here- inafter created, said issue of bonds to be in denominations of 81,000 each, numbered from 1 to 175 inclusive, to mature serially in order of number in from two to seven years from date in instalments of $30,000 for the first five yearly pay- ments of principal, and 825,000 for the last payment of prin- cipal, the exact date and maturities and place of payment and form of bonds to be as the City Commission shall here- after by ordinance prescribe. Section 3. There is hereby created a special fund to be known as Everett 1935 Special Water Revenue Bond Fund No. 4, which fund shall be drawn upon for the sole purpose of -2-