HomeMy WebLinkAbout01636for the construction cost thereof', and subsequent overdraft in the sum
of y483.00 to eon_plete the same, is hereby likewise ratified snd
confirmed, and all expenditures mede in accordance therewith are hereby
validated.
Section 4. That in order to secure funds to provide reimbursement
to said Olympic Gravity Water Fund, said city shall issue and sell its
bonds or warrants, bearing interest not exceeding six psrcent (6%)
per annum, in an amount not exceeding 4'7083.00, said bonds or warrants
to be in such form and maturity as the City Council may determine.
Section 5. That there be anc. is nereby created and established
a special fund of said city to be known end designated as "Willow
Street Sewer Fund", which fund is to be drawn upon for the sole
purpose of mcking reimt)usement Sor the cost of such additions and
extensions. From and after the date of the issuance of said bonds or
warrants for the cost of such additions and extensions as herein
provided and so long; thereafter as any obligations are outstanding
shall set aside and pay into said fund, thirty (30) days prior to the
respective dates on which interest, or principal end interest, of said
bonds or werrahts, shell become due end payable, certain fixed atiounts
out of the gross revenues of slid sewer system equivalent to the
respective amounts of interest, or principal and interest, as the .case
may be, so falling due upon any and all bonds or warrants issued
hereunder and then outstanding.
The City Council of the City of-Iort Townsend does hereby declare
in fixing the amounts to be paid into said fund as aforesaid that it
has exercised due reg!.rd to the costs of operation and maintenance
of said 96wer system ,:s constructed, and shall not set aside into such