Ordinance 2433 - Laserfiche WebLink

41 41 agrees to and with the holders of said bonds to maintain in good condition and to operate its said water system and to maintain its rates and charges so that the payments herein provided for out of the gross revenues of said system shall be sufficient to make the payments into Everett Water System Special Revenue Bond In- terest Fund No. 3 and Everett Water System Special Revenue Bond Fund No. 3 hereinabove established and ordained,until such obli- gations and all interest thereon shall have been fully liquidated and discharged. Section 10 : The moneys derived from the sale of the bonds herein authorized shall be paid into the said Everett Water Sys- tem Construction Fund as hereinabove provided 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 cost and expenses connected therewith and the sur- plus of money, if any, over and above the total cost of said ad- ditions, betterments, extensions and improvements herein set forth shall be applied to the payment of said bonds and the interest thereon as the same mature. Section 11 : By mason of the imminent shortage of a domes- tic water supply in the- City of Everett and by reason of the urgent need of an additional industrial water supply, an emergen- cy is hereby declared to exist and this Ordinance shall take ef- fect immediately upon its passage and publication. A,1), • Mayor AT City.erk. Passed: April 2. 1929. Published: April 3, 1929 .