Ordinance 1689 - Laserfiche WebLink

0 . • said bonds be sold immediately, and WHEREAS , it is necessary that some provision be made for the payment of the work to be performed under and pursuant to said ordinance until said bonds are sold, NOW T AROORE, TH.E CITY OF .EVER ETT DOES ORDAIN: Section 1: That there is hereby created and established in the treasury of the city of Everett a fund to be called "City of .Everett Water Supply Fund". Into said fund shall be placed the proceeds of the sale of all bonds sold under and pursuant to said Ordinance No. 1662 of the city of Everett, passed June 29th, 1915, and published July. 1st, 1915. Said fund shall be used solely for the pur- pose of constructing a pipe-line and all necessary or convenient structures and accessories for diverting water from the Sultan River and conveying the same by gravity for the use of said city and its inhabitants , and for acquiring lands , water, water-rights, easements, rights-of-way, franchises and property necessary or convenient for the proper construction, control, maintenance and operation of said pipe-line, and for paying for all legal and engineering expenses and other expenses necessary in connection therewith, as provided in said Ordinance No. 1662. Section 2: When the city council of the city of Everett has duly entered into a contract for the performance of any of the work referred to in Section 1 hereof, and as authorized by Ordinance No. 1662 , it is hereby authorized to issue warrants on said fund in payment for said work according to the terms of such contract. Such warrants shall state that they are issued under and pursuant to this ordinance and Ordinance No. 1662 of the city of .Everett and are pay- able only from such fund. Such warrants shall bear interest at the rate of five per cent per annum. Such warrants shall not be issued in denominations of more than five hundred MOO) dollars , and shall bear interest from date of issue until called. Said warrants shall be