HomeMy WebLinkAbout01886Section 5. There has heretofore been created a special
fund of the city known as the 'Olympic Gravity water Fund," into
which Fund the city has obligated and bound itself to pay the gross
earnings and revenue of the system as collected.
All costs of maintaining and operating the System, all pay-
ments required by ordinance No. 1330 to be paid into the Parity Bond
Fund, all payments required by this ordinance to be made into the
1959 Bond Redemption Fund and the Reserve Account therein hereinafter
created, all payments which may be required by any subsequent ordinances
of the city to be made into any funds or accounts created to pay or
secure the payment of the principal of and interest on any other
subsequently issued water revenue bonds of the city payable out of
the revenue of the System, and all.payments authorized by the city
to be made for any proper costs in.connection with the operation of
the System shall be paid out of said Fund.
Section 6. That there be and is hereby created.another
special fund of the 'city to be known as the "Port Townsend'1959.,
Water Revenue Bond Redemption Fund" (herein called the "1959 Bond
Redemption Fund"), which Fund shall be drawn upon for the sole
purpose of paying the principal of and interest on the Bonds out-
standing as the same shall become due. The city hereby obligates
and,binds itself to set aside and pay into.the 1959 Bond Redemption
Fund out of the money in the Olympic Gravity water Fund, the following ,
fixed amounts necessary to pay the principal of and interest on the
Bonds as the same respectively become due and payable. Such payments
shall be a charge upon the money in such Olympic Gravity Water Fund
ranking equally and ratably and on a parity with the payments re-
quired by ordinance No. 1330 to be made into the Parity Bond Fund
to pay and secure the payment of the principal of and interest on
the Outstanding Parity Bonds.
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