Ordinance 831-81 - Laserfiche WebLink

except to provide funds to finance improvements within Utility Local Improvement District No. 1, for which the City expects to issue approximately $24, 000, 000 of water and sewer revenue bonds in 1982, payable principally from special benefit assessments and secured by a lien on the Net Revenue equal to that of the Parity Bonds; (b) Nothing herein contained shall prevent the City from issuing revenue bonds or other obligations which are a charge upon the Revenue of the System junior or inferior to the payments required by the ordinance to be made out of such Revenue of the System into the Revenue Interim Financing Bond Fund to pay and secure the payment of any outstanding Bonds. (c) Nothing herein contained shall prevent the City from issuing revenue bonds to refund maturing Parity Bonds or Bonds for the payment of which moneys are not otherwise available, or from issuing Additional Interim Revenue Bonds to refund the Bonds. (d) Nothing herein contained shall prevent the City from issuing the 1982 Bonds. Section 16. Lost or Destroyed Bonds. In case any Bonds or any of the coupons thereof shall be lost, stolen or destroyed, the City may execute and the Treasurer of the City may deliver a new Bond or Bonds and a coupon or coupons of like date, number and tenor to the holder thereof upon the holder' s paying the expenses and charges of the City in connection therewith and upon his filing with the Treasurer of the City evidence satisfactory to said Treasurer that such Bond or coupons were actually lost, stolen or destroyed and of his ownership thereof, and upon fur- nishing the City with indemnity satisfactory to the Treasurer. Section 17 . Form of Bonds. The "City of Everett Water and Sewer Revenue Interim Financing Bonds, 1982" shall be in substan- tially the following form: -18- BD339 81/12/22