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CITY OF EVERETT, WASHINGTON <br /> ORDINANCE NO. 5-47/ V-7, <br /> AN ORDINANCE of the City of Everett, Washington, <br /> relating to its combined water and sewer system, <br /> including its storm water drainage system; spec- <br /> ifying and adopting a system or plan for addi- <br /> tions to and betterments and extensions of that <br /> combined water and sewer system; declaring the <br /> estimated cost thereof as nearly as may be; pro- <br /> viding the method of financing the same; provid- <br /> ing for the borrowing of a total of $8, 580, 000 <br /> and issuing and selling negotiable general obli- <br /> gation bonds to pay the cost of such system or <br /> plan; declaring an emergency; calling a special <br /> election to be held within the City on November <br /> 7, 1978, in conjunction with the State general <br /> election to be held on the same date, for the <br /> purpose of submitting to the qualified electors <br /> of the City a proposition for the ratification <br /> or rejection of this ordinance and the issuance <br /> of such general obligation bonds; creating a <br /> "Water and Sewer Construction Fund, 1978"; and <br /> authorizing the issuance of interest-bearing <br /> warrants drawn upon the "Sewer Construction Fund, <br /> 1978, " pending the sale of such general obliga- <br /> tion bonds and the receipt of grant or other <br /> money to become available. <br /> WHEREAS, the City Council has determined that the existing <br /> combined water and sewer system of the City, including the City' s <br /> storm water drainage system, ( sometimes also referred to as the <br /> "water and sewer system" ) is in such condition that the public <br /> health and welfare require, and it is in the best interests of the <br /> City, that certain improvements to the water and sewer system be <br /> made; and <br /> WHEREAS, to provide funds necessary to carry out such improve- <br /> ments it is necessary and advisable that the City incur a general <br /> indebtedness and issue and sell its unlimited tax levy general <br /> obligation bonds in the principal amount of $8, 580, 000; NOW, <br /> THEREFORE, <br /> THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1 . The City hereby specifies and adopts a system or <br /> plan of additions to and betterments and extensions of the combined <br />