Ordinance 2656 - Laserfiche WebLink

♦ ♦ 1 l pose of said waterworks system, or any additions , extensions or betterments thereto, until all such bonds , with interest thereon, shall have been fully paid, and said city hereby covenants and agrees to and with the holders of each and every of said bonds , in the event said bonds or any portion thereof, be issued, to maintain in good condition and operate said waterworks system, and to establish and maintain rates and charges for water sufficient to produce the gross revenues required to meet the obligations of said city as herein set forth. Section 4. That the foregoing system or plan for the con- struction of said additions to and betterments of said water supply system and the issuance of water revenue bonds to pay therefor be submitted to the qualified voters of said City for ratification or rejection At a special election to be held therein on the 21st day of September, 1935. That the proposition so to be submitted at said special election shall be in substantially the following form: "Shall the City of Everett make certain additions to and betterments of the existing water supply system by constructing necessary pipe lines and appurtenances to transmit water from the Sultan River Pipe Line No. 2 at California and Harrison Streets in said City across to City Reservoir No. 2, and thence to the pulp mill site of the Weyerhaeuser Timber Company, and in order to pay the cost thereof, issue its special revenue bonds in the principal sum of not exceeding $175,000, bearing interest at a rate of not more than 4% per annum, said bonds being payable solely from the revenues of said water supply system, andmaturing serially in from two to seven years from date, all as more fully set forth in Ordinance No. of said City. In favor of above proposition : : Against above proposition ••_:" -4-