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l v <br /> ORDINANCE NO.2569 <br /> An Ordinance authorizing the City Treasurer to establish a system for the <br /> sale of Everett bonds and warrants to investors, providing for a sinking fund <br /> to retire said purchases, appropriating a fund to install such system, and de- <br /> claring an emergency. <br /> • <br /> THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1 . . The city treasurer of Everett, in his official capacity, is <br /> hereby directed and instructed to establish in his office a plan or system for <br /> savings or investment depositors to purchase and invest in Everett bonds or <br /> warrants. <br /> Section 2. Said city treasurer is hereby authorized to buy and to offer <br /> for sale to savings or investment depositors any Everett bond or bonds or war- <br /> rant or warrants, issued or to be issued, in amounts as are or may be issued, <br /> and shall issue to any depositor or investor his official receipt for any sum <br /> or sums, in amounts not less than twenty-five dollars, as may be offered to pur- <br /> chase a bond or warrant or bonds or warrants by any depositor or investor. <br /> Section 3. Said city treasurer shall provide suitable books and records <br /> for the keeping of all accounts of depositors and investors, separate from all <br /> other city funds, and shall provide that savings and investor, depositors may <br /> leave their bonds or warrants in his keeping, if so desired by any such savings <br /> or investor depositor, and shall, upon request and insofar as able , keep the <br /> whole of any savings deposit or investment fully invested in Everett bonds or <br /> warrants, accordingly as he may be instructed by am;y of the several savings or <br /> investor depositors. <br /> Section 4. Said city treasurer shall, so far as practicable, keep suffi- <br /> cient funds on hand in sinking funds to repurchase for any such fund any warrants <br /> or bonds that any savings or investment depositor may at any time desire to sell <br /> back to the City of Everett . Purchases on the part of the city of Everett shall <br /> be for said sinking funds or for other funds having cash on hand for investment, <br /> and any bonds or warrants so purchased by said City of Everett may be resold to <br /> any savings or investment depositor. In case of purchase from a savings or in- <br /> vestor depositor, interest shall be paid, as provided in the bond or warrant pur- <br /> chased, to the date of purchase , and in case of sale, interest shall be charged, <br /> as provided in the bond or warrant sold, to the date of sale . <br /> -1- <br />