HomeMy WebLinkAbout01637special fund a greater amount than in its judgment will be available
over and above such cost of maintenance and operation, and the fixed
amounts of the revenue as previously pledged.
Any such bonds or warrants, and interest thereon, issued against
such fund, as herein provided, shall be a valid claim of the holder
thereof only as against such special fund, and shall not constitute
an indebtedness of the City of Port Townsend within the meaning of
the constitutional provisions and limitations.
Section 6. Each such bond or warrant issued hereunder shall
state on its face that it shall be payable solely out of the special
fund of the City of Port Townsend known as "Willow Street Sewer Fund",
created by Ordinance No. , passed by the City Council
l
1943 and approved by the Mayor
1943, and said bonds or warrants so
issued shall be sold in such manner as the City Council of the City
of Port Townsend shall deem in the best interest of the city.
Section 7. The City of Port Townsend further binds itself
to establish from time to time, and maintain, such rates as will
provide sufficient revenues to permit the payment of said sums into such
special fund, which said city has pledged to set aside for the payment
of principal and interest as herein provided, to be applied to the
payment of the principal and interest of the bonds or warrants herein
authorized, until such special indebtedness shall have been paid in
full, and in addition thereto, all costs of operation and maintenance.
Section 8. When the rates and charges for the furnishing of
sewer service hereunder have been established by the City Council,
and the time and method of payment settled, the City Council shall
have the right to provide by ordinance for the collection of
delinquent and unpaid charges by the filing of a lien agains the
premises to which the same has been furnished and foreclose such lien
in the manner provided by law, or as an additional and concurrent