Ordinance 1840 - Laserfiche WebLink

estimated cost of the plan herein described is declared as near as nay be the sum of Five Hundred Dollars ( 500.O0) . Section 3. That in order to carry out the plan or system speci- fied and adopted in Section 2 of this Ordinance the city of Everett shall issue and sell its negotiable interest-bearing warrants in an amount not exceeding Five Hundred Dollars ($5OO.O0) , which warrants shall bear the date of their issue and be of such denomination as may be deemed desirable, shall be numbered serially from One (1) up and shall mature as funds are provided for their payment from the revenues of said market. Said warrants shall bear interest at the rate of Six per cent. (6%) per annum; said warrants may be delivered or sold and delivered from time to time and in such amount as the City Council may by resolution direct, and shall be an obligation sole- ly against the special fund created and established in Section 4 of this Ordinance. there Section 4. That there be and j is hereby created any established a special fund to be called "Pubic Market Utility Warrant Fund, 1918", which fund is to be drawn upon for the sole purpose of paying the principal and interest of said warrants. into said said fund shall be paid all revenue from said market, and from and after the date of said warrants, and so long as any of said warrants are outstanding, the City Treasurer shall, upon presentation of said warrants, whenever funds are in said "Public Market Utility Warrant Fund, 191S" sufficient to pay the warrant with the lowest serial number then outstanding, pay the same upon presentment. And the payments of said warrants, and the interest thereon as the same falls due, is hereby declared to be the only charge which has been made upon said fund or which will ever be made thereupon until all of said warrants, and the interest thereon, shall have been paid. Section 5. Said warrants shall be signed by the Mayor and attest- ()