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By the terms of said lease the Crown Zellerbach
Corporation has agreed to pay all costs of maintaining and
repairing the part of the water system so leased, and the
city has agreed to replace any part of such leased system
that needs replacement by virtue of wear and deterioration,
and in order to provide funds necessary for such latter purpose
the city has agreed to set aside the sum of at least $15,000
a year over the term of said lease out of surplus moneys
derived from the operation of the rest of its water supply
and distribution system not subject to said lease.
Neither this bond nor any coupon attached hereto shall
be entitled to any security or benefit under said ordinance
nor shall the same be valid or become obligatory until the
authentication certificate hereon endorsed shall have been
executed by the Trustee.
It is hereby certified and declared that said bonds are
issued pursuant to and in strict compliance with the Con-
stitution and laws of the State of Washington and ordinances
of the City of Port Townsend, and that all acts, conditions
and things required to be done precedent to and in the issu-
ance of this bond have happened, been done and performed.
IN WITNESS WHEREOF, the City of Port Townsend, Washington,
has caused this bond to be signed by its Mayor, attested by
its Clerk, the corporate seal of the city to be impressed
hereon, and the interest coupons attached hereto to be
executed with the facsimile signatures of said officials
this first day of April, 1956.
CITY OF PORT TOWNSEND, WASHINGTON
By
ATTEST: Mayor
Clerk
9.