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NOW, TIERLFORE, BE IT ORDAINED by the Council of the City
of Port Toonsond, Washington, as follows:
Sectio 1. As used in this ordinance the following words
shall have the m•anings hereinafter set forth:
(a) th word "system" shall mean the existing water system
of the city as t e name will be added to, improved and extended as
authorized and p vided for in ordinance No. 1378 of the city and
in this ordinanc and as such system may later be added to, improved
and extended for s long as any of the Outstanding Parity Bonds, the
Bonds, and any Future Parity Bonds are outstanding; provided, however,
that the System stall not include that part of the water supply and
distribution syst m of the city leased to Crown-Zellerbach Corporation
under date of Mar h 15, 1956.
(b) The word "Bonds" shall mean the $250,000 par value of
water revenue bon s of the city issued pursuant to and for the pur-
poses provided in said Ordinance No. 1378 and this ordinance.
(c) The words "Outstanding Parity Bonds" shall mean the
water revenue bon s of the city dated April 1, 1957, of which there
are $80,000 par v lue now outstanding.
The Outstanding Parity Bonds are the only revenue bonds
of the city outst nding at this time for the payment of the principal
of and interest o which the money in the Olympic Gravity Water Fund
of the city has en pledged.
(d) The words "Parity Bond Fund" shall mean the Port Townsend
1957 water RovenxO Bond Redemption Fund and the Reserve Account therein
created by Sectio s 8 and 9 respectively of ordinance No. 1330 of the
city to pay and s.cure the payment of the principal of and interest
on the Outstandin Parity Bonds.
(e) The words "Future Parity Bonds" shall mean any water
revenue be of he city other than the Outstanding Parity Bonds
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