Ordinance 831-81 - Laserfiche WebLink

• This bond may be registered as to principal only or as to both principal and interest, with the effect and in the manner provided in the Registration Certificate appearing on the reverse side hereof. This bond is one of an issue of fourteen hundred eighty-six ( 1, 486) bonds of the City of like denomination, date and tenor except as to number, in the aggregate principal amount of $7, 430, 000 maturing on July 1, 1984. This issue of bonds is authorized by Ordinance No. iii-y/ of the City (herein called the "Bond Ordinance" ) for the purpose of providing interim financing to pay part of the cost of acquiring, constructing and making certain additions and improvements to the water and sewer system of the City, all in conformity with the laws of the State of Washington. This bond and the bonds of this issue are payable solely from the special fund of the City known as the "1982 City of Everett Water and Sewer Revenue Interim Financing Bond Fund" (herein called the "Revenue Interim Financing Bond Fund" ) created by the Bond Ordinance in the office of the Treasurer of the City. The City has irrevocably obligated and bound itself to pay into the Revenue Interim Financing Bond Fund out of the Revenue of the System (as defined in the Bond Ordinance) or from such other monies as may be provided therefor, certain amounts necessary to pay and secure the payment of the principal of and interest on such bonds. The bonds of this issue are not general obligations of the City. The City hereby covenants and agrees with the owner and holder of this bond that it will keep and perform all the cov- enants of this bond and of the Bond Ordinance to be by it kept and performed. The City does hereby pledge and bind itself to set aside out of the Revenue of the System into the Revenue Interim Financing Bond Fund the various amounts required by the Bond Ordinance to be paid into and maintained in said Fund, all within the times provided by the Bond Ordinance. To the extent more particularly provided by the Bond Ordi- nance the amounts so pledged to be paid out of the Revenue of the System into the Revenue Interim Financing Bond Fund shall be a prior lien and charge upon the Revenue of the System superior to all other charges of any kind or nature whatsoever except the Costs of Maintenance and Operation of the System (as defined in the Bond Ordinance) and the lien and charge of the amounts payable to Public Utility District No. 1 of Snohomish County under an agreement dated July 21, 1961, the water revenue bonds of the City dated April 1, 1963 and December 1, 1965, and the sewer revenue bonds of the City dated September 1, 1960, July 1, 1963, and May 1, 1969 (herein and in the Bond Ordinance called the "Refunded Bonds" ) and except that said amounts are junior in rank to the lien and charge upon such Revenue of the System of any amounts required to pay and secure the water and sewer revenue bonds of the City issued under date of August 1, 1978, August 1, 1980, and January 1, 1982, and any water and sewer revenue bonds of the City hereafter issued on a parity with such bonds (herein and in the Bond Ordinance called "Parity Bonds" ) . The City has irrevocably made full provision for the payment of the Refunded Bonds. -20- BD339 81/12/22