HomeMy WebLinkAbout01762Section 6. The Bonds shall be signed on behalf of the
city by its Mayor, shall be attested by the City Clerk, and shall
have the corporate seal of the city impressed thereon. The in-
terest coupons attached thereto shall be signed with the facsimile
signatures of said officials.
Section 7. Upon the execution of this ordinance by the
Mayor and the City Clerk, they shall deliver the Bonds to the Trustee
for authentication. None of the Bonds shall be authenticated by the
Trustee except in accordance with the provisions of this ordinance.
All coupons and all Bonds paid at or after maturity and
all Bonds purchased by the city or the Trustee or redeemed under the
provisions of this ordinance and all unmatured coupons attached
thereto shall be canceled by the Trustee immediately upon such pay-
ment, purchase or redemption. Any coupons and Bonds paid at or
after maturity or purchased or redeemed by the city under the pro-
visions of this ordinance and all unmatured coupons attached thereto
shall be delivered immediately to the Trustee for cancellation.
Section 8. The full purchase price of the Bonds shall
be paid to the Trustee, and out of such moneys so paid the Trustee
shall forthwith deposit in the "Port Townsend 1956 Special Water
Revenue Bond Redemption Fund" hereinafter created the accrued
interest, if any, received. The balance of the money received
from the sale of the Bonds shall be held by the Trustee and
deposited in a fund of the city hereby created, to be known
and designated as the "Port Townsend Waterworks and System Con-
struction Fund," which Fund shall be kept in trust and segregated
from all other funds of the city. The money therein shall be paid
out or allocated from time to time solely for paying the cost of
11.