Ordinance 2258 - Laserfiche WebLink

, 40 Section 10: That the city of Everett hereby irrevocably binds and obli;eates itself not to sell, lease or in any manner dis- aose of its said_ water system including any and all additions, bet- terments, extensions or I provements that have been made or may hereafter be made thereto until all of the bonds issued against the revenues of said system, with interest thereon, shall have been paid in full, unless and_ until -provisions shall have been made for the payment of all of said bonds and interest in full; and the city of 1:verett further covenants and 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 arovided for out of the gross revenues of said system shall be sufficient to make the payments into the city funds hereinabove established and. ordained until such obligation and all interest there- on shall have been fully liedidated and discharged. Section 11: The moneys derived from the sale of the bonds herein authorized. shall be sdaid into the said "Everett Water system Construction Fund:Pas herein dDove provided and shall be dravm upon olely for the purdose of 7aying the costs and expenses of the add- itions, betterments, extensions and improvements herein set forth and the costs and elTenses connected therewith and the surplus of money, if any, over and above the total cost of said additions, bet- terments, extensions and improvements herein act forth shall be ap- plied. to the payment of said bonds and the interest thereon as the same mature. • c - By reason of the urger and ink, ediete necE si'q of insuring to the city of e rett the sai-cty and secui 'ty of its eomestic viater su-dely by increasi its domesti ' water sueor y eserve n mer- gency • here y declare _ to exist ani thi - ordi ance sd all take e - feet upon its -eassage and jeublicatinia. k Passed: / yor Zittest•. f,-; • ty 4