Ordinance 2258 - Laserfiche WebLink

• . 41 such ro4eot and also of such other, miscellaneous minor additiais, betterments, extensions and kmrovements as may be necessary. Section 3: , That the City Oouncil of the city of 'Everett does hereby specify and adopt the system or plan described in this ordinance for making the above mentioned additions, betterments and extensions. Section 4: That it is proposed that the city of Everett for the pur-pose 'of providing funds for the payment of the above mentioned additions, betterments and extensions as set forth in Section 1 of this ordinance, shall issue its special water rev- enue fund bonds in the sum of e260,000.00 payable out of the rev- enues of the 'eater system only, bearing interest at a rate not to exceed 6 % per annum, payable semi-annually, and payable by the city setting aside, semi-annually, out of said revenues of said water system and paying into a special revenue bond interest fund To.3 hereinafter mentioned a sufficient sum to pay the interest on said bonds as the said interest becomes due, and, also by setting aside out of the revenues of said water system and paying into a special \eater revenue bond fund No. 3 aesufficient sum quarterly, beginning laith the second year after date of issue of said bonds, to pay the principal on all of said bonds as the same mature; said bonds shall be in the denomination of five hundred dollars (,.. 500.00) each and shall mature as follows, to-wit: Bonds 1 to 80, inclusive, shall mature two years from date of issue. Bonds No. 81 to 160, inclusive, shall mature three years from date of iesue, Bonds No.161 to 240, inclusive, shall mature four years from date of issue. Bonds _Kos 241 to 320, Thclusive, shall mature five years from date of issue. Bonds No. 321 to 400, inclusive, seall mature six years from date of issue.