Ordinance 1923 - Laserfiche WebLink

a , I 1 and Fifty Thousand Dollars, shall mature Jan. 1, 1937; bonds number- 2 ed 1051 to 1200 inclusive, aggregating One Hundred and Fifty Thous- 3 and Dollars, shall mature Jan. 1, 1938:t bonds numbered 1201 to 4 1350 inclusive, aggregating One Hundred and Fifty Thousand Dollars, 5 shall mature Jan. 1, 1939; bonds numbered 1351 to 1500 inclusive, 6 aggregating One Hundred and Fifty T''iousand Dollars, shall mature 7 Jan. 1, 1940 ; bonds numbered 1501 to 2000 inclusive, aggregating 8 Five Hundred Thousand Dollars, shall mature Jan. 1 , 1941 . Such 9 bonds shall bear interest at a rate not exceeding six per cent (6%) 10 per annual, payable semi-annually on the first day of January, and 11 on the first day of July respectively, for which interest coupons 12 shall be attached to and be a part of such bonds, both principal an. 13 interest of such bonds to be payable in gold coin of the United 14 States, of the present standard of weight and fineness, at the plac 15 therein designated. Said bonds shall be an obligation only against 16 the special fund created and established in section five of this 17 ordinance, provided however, that the city of Everett reserves the 18 right to pay and retire any or all of said bonds at any interest paying date after the year 1936. 19 20 Section 5: There shall be, and is hereby, created and estab- 21 lisped a special fund to be called "Municipal Light and Power Bond 22 Fund." The city of Everett does hereby irrevocably pledge and bind 23 itself to pay into such fund, out of the gross revenues of such 24 electric light and power system and all additions , betterments and 25 extensions to such system, after paying the expenses of operation and. 26 maintenance of said plant , at any time before each semi-annual in- 27 stallment of interest falls due, a sum equal to such semi-annual 28 installment of interest upon all such bonds outstanding and unpaid, 29 and annually , on or before the first day of January, beginning 30 January 1, 1926, and to and including January 1, 1930, the addition- 31 al sum of Fifty Thousand Dollars for the payment of the principal of -6.»