Ordinance 1923 - Laserfiche WebLink

S ' such gross revenues are hereby pledged to such semi-annual payments 2 of interest and such annual payraents of principal and they shall con- 3 stitute and be upon such gross revenues a charge superior to all 4 charges whatsoever excepting charges for maintenance and operation. 5 The City Treasurer is hereby directed to make payaent of said bonds 6 and coupons as the same shall fall due, from the moneys in such 7 "Municipal Light and Power Bond Fund" and few from no other source. 8 The payment of such bonds and coupons, as they fall due, is hereby 9 declared to be the only charge which has been made upon said fund 10 or Which will ever be made thereon until all of such bonds shall 11 have been fully paid. 12 The city of Everett hereby binds itself not to sell , lease or 13 in any manner dispose of the electric light and power system herein 14 provided for and its additions and extensions, until all obligations 15 outstanding against , and payable from the special fund hereby creat- 16 ed shall have been fully paid, or, in case it shall sell or dispose 17 of the same before payment it shall not make any sale or disposition without then or theretofor providing that from the proceeds of any 18 such sale or di spo sitionxthere shall have been paid into such special 19 fund a sum sufficient in ameunt to discharge the interest and prin- 20 cipal on all bonds issued hereunder and then remaining unpaid, and 21 it shall not , in any event , sell or dispose of such municipal light, 22 heat , fuel and power system or any substantial part thereof , for a 23 sum less than enough to pay the bonds then outstanding and unpaid, 24 and the interest thereon. 25 The city of Everett further hinds itself to establish and main- 26 tain rates for electrical energy for lighting, heat , fuel and power 27 purposes, public and private, from such electric light , heat, fuel 28 p system 29 and power VUSVAMOS public and private, from such electric light , he-t, 30 fuel and power system, which shall provide sufficient revenue to 31 Permit such sums being paid into such fund as the city has pledged to be set aside semi-annually for interest, and annually for p ncipal -8-