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This Bond is payable only out of the special fund called <br /> Everett Water System Special Revenue Bond Fund, created by said <br /> Ordinance No. 1663, which fund is to be drawn upon for the sole <br /> purpose of paying the principal and interest of said Bonds. <br /> The said Everett hereby covenants and agrees with the holder <br /> of this Bond that from and after July 1st, 1916, and so long there- <br /> after as any of said Bonds are outstanding it will set aside and <br /> pay into said Bond Fund during each year until the whole of said <br /> Bonds shall have been paid, the sum of '100, 000.00 out of 60% of the <br /> gross revenue of said Everett Water System for said year, and for <br /> the payment of said Bonds it hereby irrevocably pledges the sum of <br /> 100,000.00 per annum out of 60% of the gross revenues of said Wa- <br /> ter System for each year until the whole of said Bonds shall have <br /> been paid upon which revenues and fund this issue of Bonds is hereby <br /> declared to be a first and prior lien and it is further expressly <br /> covenanted by the said Everett that any future indebtedness which <br /> may be created and payable out of the revenue of said water System <br /> shall bonstitute a junior lien to that of this issue of bonds. <br /> The said. Everett hereby irrevocably binds and obligates it- <br /> self not to sell,lease or in any manner dispose of its said Water <br /> System, including any additions or extensions that may be made there- <br /> to until all the Bonds herein mentioned issued against the revenues <br /> of said system or interest thereon, shall have been paid in full, <br /> unless and until provision shall have been made for the payment of <br /> all of said Bonds and interest in full, and said Everett further <br /> covenants and agrees to and with the holders of said Bonds to main- <br /> tain in good condition and operate its said water system and to <br /> maintain its rates and charges for wate. eo that 64 of the gross <br /> revenues of said system shall be sufficient to make the payments <br /> into the said Revenue Bond Fund hereinabove mentioned, so that said <br /> Fund shall be sufficient to pay said bonds as they mature and the <br /> interest thereon as it accrues. <br /> It is hereby declared that said Bonds are issued pursuant to <br /> 4 <br />