Loading...
HomeMy WebLinkAbout01072said revenues are. hereby pledged to such semi-annual payments which shall constitute a charge upon said revenues, prior and superior to all charges whatsoever, including the charges for maintenance and operation, save and except the charges upon such revenues sufficient to pay warrants drawn against such revenues and issued prior to the taking effect of this ordinance. The City Treasurer is hereby authorized to make payment of said bonds and coupons herein authorized, as the same fall due, from the moneys in said Lunicipal ;'later Works Extension Bond Fund, 1927, and from no other source, and the payment of said bonds and coupons, as they fall due, is hereby declared to be the only charge which has been made upon said fund, or will ever be made thereon until all of said bonds and interest thereon shall have been paid. The City of Port Townsend and its. corporate authorities do hereby declare that in fixing the amounts to be paid into said fund as aforesaid, they have exercised due regard to the cost of operation and.maintenance of said system and to the existing obli- gations against the revenues thereof, and have not hereby obligated and bound said city to set aside into said special fund a greater 3 amount of the revenue of said system than in the judgment of said corporate authorities will be available over and above such cost of maintenance and operation and the existing obligations against such revenues. The City of fort Towinsend hereby binds itself not to sell the water works system now belonging to it or which may here- after belong to it, including the additions, betterments and exten- sions herein provided for, until all obligations outstanding against or payable from said special fund hereby created shall have been paid in full; or in case it shall sell the same before such pay- ment, not to make any such sale :,without then or theretofore provid- ing that from the proceeds of such.sale or disposition after the 5.