Ordinance 666-80 - Laserfiche WebLink

ORDINANCE NO. 6266,JCa AN ORDINANCE of the City of Everett, Washington, providing for the issuance and sale of water and sewer revenue warrants; creating a special fund; providing the form and terms of said warrants and for the disposition of the pro- - ceeds of their sale. WHEREAS , by Ordinances 637-79 , 644-79 and a6-06/40passed September 26 , 1979 , October 31, 1979 and (Q , 1980 , respectively, the Council of the City of Everett, Washington (the "City") has approved the acquisition, installation and construction of certain improvements to the water and sewer system of the City, and the issuance of not to exceed $12, 500 , 000 of water and sewer revenue bonds to carry out such improvements; and WHEREAS , the City anticipates the issuance of such water and sewer revenue bonds to provide funds necessary to pay the cost of such improvement; and WHEREAS , R.C.W. 35. 41. 050 provides that cities and towns are authorized to issue revenue warrants to provide financing for such purposes; and WHEREAS, in order to provide interim financing for the cost of acquiring, constructing and installing a portion of the improve- ments specified in said Ordinances 637-79 , 644-79 and d2W 40 , it is found to be in the best interest of the City and its inhabitants to issue and sell its water and sewer revenue warrants in an aggregate amount of up to $12, 500, 000 . NOW, THEREFORE, the City of Everett does ordain : Section 1. As used in this ordinance the following words shall have the following meanings : a. The word "City" means the City of Everett, Washington. b. The words "Net Revenue" mean the Revenue of the System less the costs of Maintenance and Operation as such terms are defined in Ordinance No. 536-78 of the City.