Ordinance 3754 - Laserfiche WebLink

I- ORDINANCE NO. AN ORDINANCE of the City of Everett, Washington, providing for the issuance and sale of $115,000 of water revenue bonds of the city to pay part of the cost of certain additions and improve- ments to and extensions of the water supply and distribution system of the city as authorized by Ordinance No, 3631 of the city; providing the date, form, terms and maturities of said bonds; providing and adopting certain covenants and protective features safeguarding the pay- ment of the principal of and interest on said bonds; and confirming the sale thereof; and declaring an emergency. WHEREAS, pursuant to Ordinance No. 3633 of the City of Everett, Washington, passed and approved September 10, 1957, the city issued its water revenue bonds dated October 1, 1957, in the total principal sum of $3,850,000, for the purpose of providing funds to acquire, construct and instill certain additions and im- provements to and extensions of the water supply and distribution system of the city described and authorized by Ordinance No. 3631 of the city, passed and approved August 20, 1957; and WHEREAS, it now appears that the additional sum of $115,000 will be necessary to complete paying the cost of ac- quiring, constructing and installing such additions, improvements and extensions; and WHEREAS, it was provided in said Ordinance No. 3633 that the city could issue additional water revenue bonds up to $650,000 in principal amount on a parity with said October 1, 1957 revenue bonds if certain conditions could be met; and WHEREAS, it appears to the City Council that said con- ditions may be met and that it is to the best interest of the city and its inhabitants that the bonds authorized herein be issued on a parity with such outstanding October 1, 1957 water revenue bonds;