HomeMy WebLinkAbout01769other moneys which it may have on hand and available for such
purposes, the sum of $15,000, and further agrees to deliver said
sum on or before said date of each year to The Pacific National
Bank of Seattle in Seattle, Washington, for credit to and deposit
in such Replacement Fund, such bank being hereby designated as
the Trustee of the city in the administration of said Fund and
the official depositary of the city of the money on deposit in
said Fund.
The lien of these payments into said Transmission Line
Replacement Fund on the earnings and revenues derived by the city
from its operation of its water supply and distribution system
other than the Leased System is hereby declared to be junior and
subordinate to all charges which may hereafter be made upon such
earnings and revenues for all expenses of normal or necessary
maintenance and .operation and repairs of such system other than
the Leased System and to all charges for the payment of principal
of and interest on any revenue bonds or warrants of the city
issued to provide funds for any additions or improvements to
or repairs, replacements or extensions of such system other than
the Leased System; provided, however, that the city will pay all up
to $15,000 such earnings and revenues available after such charges
each year into such Replacement Fund; and provided, further, that in any
event the city must have paid into such Replacement Fund within
the forty -four-year term of the Lease an amount which, with the
interest earned on investments of the moneys in such Fund, will
be not less than $660,000.
In the event the Lease shall be canceled or abrogated
and a new lease of the Leased System is not entered into with Crown
Zellerbach Corporation in lieu thereof, the obligation of the city to
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