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Section 5 . Pursuant to RCW 35 .43 .043 , Local Improvement <br /> District No. 707 of the City, created by Ordinance No. 782-81 , is <br /> hereby converted to a utility local improvement district to be known <br /> as "Utility Local Improvement District No. 1 " of the City. The <br /> improvement to be constructed and installed under and within Utility <br /> Local Improvement District No. 1 shall be that improvement described <br /> in Section 1 and Ordinance No. 782-81 . <br /> Section 6 . The water and sewer revenue bonds herein autho- <br /> rized to be issued shall be payable from the gross revenue received <br /> from charges for water furnished and for sanitary sewage disposal <br /> service and from the receipt of special assessments levied and <br /> assessed against properties specially benefited by the improvement <br /> included in Utility Local Improvement District No. 1 and such other <br /> utility local improvement districts as may be hereafter created , the <br /> assessments in which are or will be pledged to pay the bond or bonds <br /> issued on a parity therewith. <br /> Section 7 . There is hereby created in the office of the <br /> City Treasurer a special construction fund of the City to be known <br /> as "Construction Fund - ULID No. 1 " which shall be obligated to pay <br /> all of the costs incurred respecting the acquisition, construction, <br /> installation and financing of the improvements specified in Section <br /> 1 of which ordinance. All of the principal proceeds of the water <br /> and sewer revenue bonds authorized by Section 4 of this ordinance, <br /> when issued, grants which may be received by the City for such <br /> improvements and any other money which the City Council determines <br /> to use for such purpose shall be deposited into the Construction <br /> Fund - ULID No. 1 . Pending the receipt of such bond proceeds or <br /> other money, the City Council may authorize the issuance of interest- <br /> bearing warrants drawn on Construction Fund - ULID No. 1 , to bear <br /> interest at such rate as may hereafter be determined and to be <br /> redeemed from the proceeds received from the sale of such revenue <br /> bonds and receipt of such grants. <br /> 3 <br />