HomeMy WebLinkAbout01582Section 5. That to finance the acquisition and construction of
said system of senrcrage, the City Council. of the City of fort Townsend,
deems it advisable and necessary- to create a special fund, to be known
as "Willow Street Sewer Fund", for the sole purpose of defraying the
cost of the s,ystern of seviera€;e aforesaid, and to obligate and bind the
said City to set aside and pay a fixed proportion of the gross revenues
of such public utility, or any fixed amount out of and not exceeding
a fixed proportion of such revenues, or a fired amount without regard
to any fixed proportion, into said special fund; and to issue and sell
coupon bonds of said City, bearing; interest not exceeding six per cent
(6%) per annum, payable semi-annually or annually at election of pur-
chaser; such bonds, as so issued, shall be in denominations of not
loss than y'100.00, nor more than y500.00, and shall be numbered from
one upwards consectutively; shall bear the date of their issue; shall
be serial in form finally maturing not later than twenty ,years from
date; and in all other respects shall conform to the provisions of
Chapter 193 of the Laws of Washington, 1941, saidbonds and the interest
thereon to be payable out of the special fund aforesaid only.
Section 6. That said fund is to be maintained by revenues obtained
from the said sever system by virtue of rates and charges, to be
established by ordinance for the furnishing of the sewerage to those
receiving such service, such rates and charges to be uniform for the
same class of service and to be made on a monthly basis, the total
revenues to be so estimated and based to be sufficient to take care of
cost of maintenance, operation, extensions, interest end sinking fund
requirements, and other charges incidental thereto.
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