HomeMy WebLinkAbout01765and system authorized in Ordinance No. 1318 and herein have been
acquired, constructed and installed, the Trustee, on the written
direction of the city, shall either retain such money in the
Construction Fund, where it may be used by the city for the
purpose of making replacements to the Leased System other than
those described in Ordinance No. 1318 and herein, or shall trans-
fer such money to the 1956 Bond Redemption Fund hereinafter
created.
Section 9. That there be and is hereby created another
special fund of the city to be known as "Port Townsend 1956
Special Water Revenue Bond Redemption Fund" (herein called the
"1956 Bond Redemption Fund"), which shall be a trust fund for
the security and payment of the principal of and interest on
the Bonds, and which shall be at all times completely segregated
and set apart from all other funds of the city. All money credited
to or paid into the 1956 Bond Redemption Fund shall be deposited
with the Trustee and shall be and is hereby pledged and ordered to
be used for the sole purpose of paying the principal of and interest
on the Bonds.
The city hereby obligates and binds itself to set aside
and pay into the 1956 Bond Redemption Fund all rentals received
under the Lease of the Leased System or any moneys which it may
receive as rentals of such Leased System from any lessee other
than Crown Zellerbach Corporation, or from the proceeds of any.
sale of such Leased System, or any moneys which the city may
receive from its own use and operation of the facilities comprising
said Leased System, and further obligates and binds itself to
deliver said rentals or money to the Trustee for credit to and
deposit in the 1956 Bond Redemption Fund immediately upon the
14.