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sufficient to pay such principal and interest, and the city
has further pledged and 'bound itself to pay into such Olympic
Gravity Pater Fund as collected all of the gross earnings and
revenue derived by the city from the operation of its water
system as the same is defined in said Ordinance No. 1312
and all additions, improvements and extensions which may be
made thereto.
The City of Port Townsend hereby covenants and agrees
with the owner and holder of this bond that it will keep and
perform all the covenants of this bond and of Ordinances No.
1378 and No'. 1379. to be by it kept and performed.
The City of Port Townsend does hereby pledge and bind
itself to set aside from the money in the Olympic Gravity
Water Fund and to pay into said"1959 Bond Redemption Fund
and tiis Reserve'Account therein created by said Ordinance
No._1319 , the various amounts required by said ordinance.
to be paid into and maintained in said Fund and Account, all
within the times provided by said ordinance. Said amounts
so pledged are hereby declared to be a prior lien and charge
upon the money in said Olympic Gravity Water Fund superior
to all other charges of any kind or nature except the necessary
cost of maintenance and operation of said water system, and
equal in rank with the charges upon the money in add Fund for
the payment of the principal of and interest on the outstanding
water revenue bonds of the city issued under date of April 1,
1957 and to any charges that may be wade upon the money in
said Fund for the payment of the principal of and interest
on any revenue bonds which the city may later issue on a
parity with said April 10 1957 water revenue bonds and the
bonds of this issue.
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