Ordinance 2653 - Laserfiche WebLink

� t1 purpose of providing funds for the payment of the above mentioned exten- sion, additions and betterments as set forth in this Ordinance shall issue Special Water Revenue Fund Bonds of said City in the sum of not to exceed 170- DOO. -O to be paid and. the same shall be payable from the gross revenues received 'iom the •sale of surplus water to the Weyerhaeuser S h 11 a sufficient amount of whic it•evenue,: , as may be necessary, to rakeall payment::: � imber ompany; be retained in a special fund , inchshall constitute a sinking fund for the payment of said bonds, principal and interest , as provided by law; the rate of interest , number and amount of such bonds, the date of issue and the due date thereof shall be in such form and. manner as may be prescribed by the City Council of the City of everett . Section 4. The money derived from the sale of the bonds herein authorized shall be paid into the City of Everett Water Construction fund and shall be drawn upon solely for the purpose of paying the costs and expenses of the additions, betterments , extensions and improvements herein set forth and the costs and expenses thereof and the surplus of money, if any, over and above the cost of such improvement shall be ap- plied to the payment of said bonds and the interest thereon as the same mature . Section 5. By reason of the rapid approachment of the date when said pipe line must be completed under the City of Everett 's contract with the Weyerhaeuser Timber Company , by reason of the urgent need of revenue from the sale of surplus water for industrial use and in the in- terests of the public financial safety, good order, peace and welfare of the City of Everett, an emergency is hereby declared to exist and this ordinance shall take effect immediately upon its passage and publication. Mayor Attest: City Clerk Passed : August 7, 1935. Published: August 8, 193 . -3-