Ordinance 666-80 - Laserfiche WebLink

c. The words "Plan Ordinances" mean Ordinances 637-79 , 644-79 and &406-K.,) of the City. d. The word "Project" means the water and sewer system facilities of the City described in the Plan Ordinances . e. The words "Project Funds" mean the Water Reservoir #6 Construction Fund, the Design and Construction of Water System'_, Improvement Construction Fund and the Sanitary Sewer System Improvement Construction Fund created by the Plan Ordinances . f . The word "System" means the water and sewer system of the City as the same shall be added to, bettered, improved and extended for as long as the Warrants are outstanding , as said System is more fully defined by Ordinance No. 536-78 . g . The word "Warrants" means the revenue warrants issued pursuant to and for the purposes provided in this ordinance . h. The words "Warrant Fund" mean the "Water and Sewer Revenue Warrant Fund (#224) " created by Section 5 of this ordinance. Section 2 . For the purpose of providing interim financing for the Project prior to the sale of revenue bonds , the City shall issue the Warrants in an aggregate principal amount of not more than $12, 500 , 000 . Warrants shall be numbered from one up consecutively in order of their issuance, shall be registered as of the day of delivery thereof to the purchaser thereof , and shall bear interest from such date of registration. The Warrants shall be in any denominations which are an integral multiple of $1 , 000. Both principal of and interest on the Warrants shall be payable in lawful money of the United States of America at the office of the City Treasurer in Everett, Washington, and shall be obligations only of the Warrant Fund. Section 3 . Warrants shall be called for redemption and payment, in order of their number, at any time when there are on deposit in the Warrant Fund monies sufficient to so redeem any outstanding Warrant or Warrants, plus accrued interest to the date of redemption. -2-