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That said plan or system hereinbefore described shall be known as the '
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"Willow Street Sewer.f'
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Section 3. That the gross estimated cost of the system or plan herein
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described is hereby declared, as near as may be, to be the sum of $5000,00,
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Section 4.' That in order to secure funds to carry out said plan or
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system, said City shall issue and sell its negotiable bonds in an amount not
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exceeding 45000.00, which shall be issued at such times, in such denominations
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and shall bear such rate of interest, not exceeding six per cent (6%) per annum,
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payable semi-annually, as the city may, by resolution direct, said bonds to be
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in such form and maturity as directed by Chapter 151, Laws of Washington, 1923.
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Section 5. That there be and hereby is created and established a speoial
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fund to be called "Willow Street Sewer Fund, 194011, which fund is to be drawn
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upon for the sole purpose of a p ying the interest, or principal and interest, of
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said bonds. From and after the date of said bonds, and so long thereafter as
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any obligations are outstanding against said fund, the City Treasurer shall set
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aside and a into said fund thirty
pay , y (30) days prior to the respective dates on
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which interest, or principal and interest, of said bonds shall become due and
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payable, certain fixed amounts out of the gross revenues of said sewer system
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equivalent to the respective amounts of interest, or principal and interest, as
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the case may be, so falling due upon any and all bonds issued hereunder and then
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outstanding.
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The City Treasurer is hereby authorized to make payment o(daid bonds and
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coupons herein authorized, as the same fall due, from the moneys in said 1111illow
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Street Sewer Fund, 194011, and from no other source, and the payment of said bonds
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and coupons, as theyfall due, is hereby declared to be the only charge which
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has been made upon said fund, or will ever be made thereon until all of said
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bonds and interest thereon shall have been paid.
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The City of Port Townsend and its corporate authorities do hereby declare
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that in fixing the amounts to be paid into said fund as aforesaid, they have
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exercised due regard to the cost of operation and maintenance of said system
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and have not hereby obligated and bound said city to set aside into said special
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