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• <br /> will effect a savings to theCity. In making such finding and <br /> determination, the City Council has given consideration to the <br /> interest to the fixed maturities of the Bonds and the Refunded <br /> Bonds, the cost of issuance of the Bonds and the known earned <br /> income from the Acquired Obligations pending the maturity or <br /> redemption of the Refunded Bonds. <br /> Section 3. Combined Water and Sewer System. There has <br /> heretofore been created by Section 9 of Ordinance No. 1663 of the <br /> City a "Water System Fund, " and by Ordinance No. 3731, a "Sewer <br /> Revenue Fund. " From and after the time of the delivery of the <br /> Bonds to the initial purchasers thereof, the "Sewer Revenue Fund" <br /> and the "Water System Fund" shall be replaced by the "Everett <br /> Water and Sewer Revenue Fund" created by Section 6 of this <br /> Ordinance. The existing water supply and distribution system of <br /> the City and the existing sanitary sewage collection and disposal <br /> system, including storm water drainage, of the City shall after <br /> the implementation of the Refunding Plan set forth in Section 2 <br /> hereof and the delivery of the Bonds to the initial purchasers <br /> thereof, be operated as a single combined water and sewer system. <br /> Section 4. Issuance of the City of Everett Water and <br /> Sewer Revenue Refunding Bonds, 1978. The City shall issue the <br /> Bonds in the principal amount of $15, 480, 000 for the purpose of <br /> providing part of the funds necessary to refund the Refunded <br /> Bonds as set forth in Section 2 and to pay the expenses inciden- <br /> tal to the issuance of the Bonds and the acquisition and safe- <br /> keeping of the Acquired Obligations. The Bonds shall be desig- <br /> nated the "City of Everett Water and Sewer Revenue Refunding <br /> Bonds, 1978, " shall be dated August 1, 1978, shall be in coupon <br /> form in the denomination of $5, 000 each, shall bear interest at <br /> the rates set forth below, payable January 1, 1979 and semi- <br /> annually thereafter on the first days of each January and July, <br /> and shall be numbered and mature in order of their number on July <br /> 1 of each year as follows: <br /> -11- <br />