Ordinance 23-69 - Laserfiche WebLink

of the city duly and regularly adopted, for the purpose of providing money to pay part of the cost of acquiring, constructing and installing additions and improvements to and extensions of the sewerage system of the city . All of said bonds are payable solely out of the gross revenue of such system and all additions , improvements and extensions that may be made thereto . The City of Everett hereby covenants and agrees with the owner and holder of this bond that it will keep and perform all the covenants of this bond and of Ordinance No. 18-69 to be by it kept and performed. The City of Everett does hereby pledge and bind itself to set aside from the money in the Sewer Revenue Fund of the city and to pay into the Bond Redemption Fund and Reserve Account created therein by said Ordinance No. 3768 the various amounts required by said Ordinance No. 18-69 'to be paid into and maintained in said Fund and Account , all within the times provided by said Ordinance No. 18-69 . The city has further pledged and bound itself to pay into said Sewer Revenue Fund as collected all of the gross earnings and revenue derived by the city from the operation of its sewerage system and all additions , improvements and extensions which may be made thereto . Said amounts so pledged to be paid out of such Sewer Revenue Fund into said Bond Redemption Fund and Reserve Account are hereby declared to be a prior lien and charge upon the money in said Sewer Revenue Fund superior to all other charges of any kind or nature except the normal expenses of maintenance and operation of said system and equal in rank to the charges made on the money in said Sewer Revenue Fund to pay the principal of and interest on the outstanding sewer revenue bonds of the city issued under dates of September 1 , 1960 and July 1 , 1963 , and to any charges that may be made later upon the money in said Sewer Revenue Fund to pay and secure the payment of the 4 .