Ordinance 2045 - Laserfiche WebLink

Section 10 : That the City of Everett hereby irrevocably binds and obligates itself not to sell, lease or in any manner dispose of its said water system,including any and all additi- ons, betterments, extensions or improvements that may be made thereto until all of the bonds, issued against the revenues of said systems 2 with interest thereon, shall have been paid in full, unless and until provision shall have been made for the payment of all of said bonds and interest in full and the city of Everett further covenants and 5 agrees to and with the holders of said bonds to maintain in good 6 condition and to operate its said water system and to maintain its 7 rates and charges 50 that the payments herein provided for out of the 8 gross revenues of said system shall be sufficient to make the payments j into the said fund ehereinabove established and ordained until such obligations and all interest thereon shall have been fully liquidated ti and discharged. 12 section 11 : The moneys derived from the sale of 13 the bonds herein authorized shall be paid into the said verett 14 system Lonstructi on rund as hereinabove provided and shall be drawn 15 hpon solely for the purpose of paying the costs and expenses of the 16 additions, betterments, extensions and improvements herein set forth 17 and the cost and expenses connected therewith and the surplus of 13 money, if any, over and above the total cost of said additions, 19 Ii betterments, extensions and improvements herein set forth shall be 20 applied to the payment of said bonds and the interest thereon as the 21 1 same nature. 22 i section 12 : This Ordinance shall take effect 23 from and after its passage and publication in the manner and at the 24 time provided by law. / 25 26 May - Passed: Seat . 26th . 1933 / 27 28 Attest: • C ty Cler. . 29 Published: Sept . 28th , 1932 30 31 _$_