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• <br /> • <br /> qualified voters of the City for their ratification or rejection <br /> the following proposition: <br /> PROPOSITION <br /> WATER AND SEWER BONDS - $8, 580 , 000 <br /> Shall Ordinance No. providing for paying <br /> the costs of improvements to its combined water <br /> and sewer system, including its storm water <br /> drainage system, authorizing indebtedness and <br /> the issuance of general obligation bonds not <br /> to exceed $8,580, 000, maturing in from two to <br /> twenty years from date of issue and payable <br /> from annual property tax levies made without <br /> limitation as to rate or amount, be ratified or <br /> rejected? <br /> ORDINANCE RATIFICATION AND BONDS, YES / / <br /> ORDINANCE REJECTED AND BONDS, NO / / <br /> The County Auditor of Snohomish County, ex officio Supervisor <br /> of Elections of the County, shall have jurisdiction over and shall <br /> conduct such special election. The City Clerk shall deliver to <br /> the Snohomish County Auditor a certified copy of this ordinance <br /> showing its passage and including the ballot title herein set <br /> forth. <br /> Section 7. There is hereby created and established in the <br /> office of the Treasurer of the City a special fund to be known <br /> as the "Water and Sewer Construction Fund, 1978. " The proceeds <br /> received from the sale of the general obligation bonds herein <br /> authorized to be issued and any grant or other money received <br /> from the Water and Sewer Projects described in Section 1 shall <br /> be deposited in that construction fund and shall be used for the <br /> sole purpose of paying the costs and expenses connected therewith. <br /> Pending the sale of such general obligation bonds herein and re- <br /> ceipt of other money, the City may issue interest-bearing warrants <br /> drawn upon that construction fund to be paid out of the proceeds of <br /> - 6 - <br />