HomeMy WebLinkAbout01771Section 13. The corporate authorities of the city
hereby declare, in fixing the amounts to be paid into the Trans-
mission Line Replacement Fund, that they have exercised due
regard to the cost of maintenance, operation and repairs of the
water supply and distribution system of the city other than the
Leased System and have not obligated the city to set aside and
pay into said Fund a greater amount of the revenue of such system
other than the Leased System than in their ,Judgment will be
available over and above such cost of maintenance, operation
and repairs.
Section 14. The City of Port 7bwnsend hereby covenants
with the owner and holder of each of the Bonds for as long as any
of the same remain outstanding as follows:
(a) That it will acquire, construct and install those
certain additions, betterments and improvements to and replace-
ments and extensions of the Leased System required by Ordinance
No. 1318 and this ordinance to be acquired, constructed and in-
stalled at the proper time or times therefor, and that it will
require each contractor employed for the construction and in-
stallation of any of such improvements to post a performance
bond of a surety company authorized to do business as a compensated
surety in the State of Washington in the full amount of his or
its contract price and conditioned as required by the laws of
the State of Washington.
(b) That it will keep and perform all the terms, con-
ditions and covenants required by the Lease or any subsequent
lease of the Leased System to be by it kept and performed; that
it will at all times enforce all of the terms, conditions and
covenants of the Lease or any permitted modification thereof or
20.