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and application of the proceeds of their sale.
Section 13. That there be and is hereby created another
special fund of the city to be known as the "Olympic Gravity Seater
System Construction Fund." The proceeds of the sale of the Bonds
(except for accrued interest thereon, which shall be paid into the
1959 Bond Redemption Fund) shall be paid into such construction Fund
and shall be used solely for the purpose of carrying out the plan of
improvements authorized in Ordinance No. 1378 and this ordinance.
The moneys in such Construction Fund may be, and should be at
all times possible, invested in direct obligations of the United States
r'
of America maturing in such amounts and at such times so that the city
will always have cash on hand in such Fund sufficient to pay the cost
kt. .
of such plan of improvements at least thirty days prior to the dates
on which such eash.is needed.
Section 14. This ordinance shall take effect five days
from and after its passage, approval and publication as required by
law.
PASSED by the Council of the City of Port Townsend, Washington,
and approved by its Mayor at a regular meeting of said Council held this
first day of December, 1959.
CITY OF PORT TOWNSEI`ID, VIIASKINGTOii
BY
mayor Fx, 1cm.':
ATTEST:
City Clerk
AP (?V8D AST FORM:
City Attorney
I, GALE I. YOUNGBLOOD, the duly elected, qualified and acting.
Clerk of the City of Port Townsend, Washington, DO HEREBY CERTIFY that
the foregoing ordinance is a true and correct copy of Ordinance No.
of said city, duly passed by its Council and approved by its
Mayor at a regular meeting of said Council held on the 1st day of
December, 1959.
City Clerk
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