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are shorter in time than such bonds helnFr refunried rand tt:e total interest
cost to be paid over the life of the refunding- Fur.ure r;;rit.y Bonds, plus
any premium recuired to redeem the bends to be refunded, is less than
the total interest cost over the life of the lat:torr bonds.
C. Nothing herein contained shall. prevent: the City from
issuing any revenue bonds or •r:arrants which are a, char,^.,e upon the money
in the water Fund junior or inferior to the n,-ymenr. required to be made
into the Parity Bond Redemption Fund and the 14c7 B)nd Redemption Fund
and the Reserve Account.
Section 16. The Bonds shall be in sut5tantlally thefollowing
form:
NO.
UNITED S^lATTIES OF AMERICA
STATE OF WASHINGTON
CITY OF PORT TO'rINSEND
WATER -SEWER REVENUE BOND, 1967
$5,000
The City of Port Townsend, a municipal corporation of
the State of Washington, hereby acknowledges itself to owe
and for value received promises to pay to bearer on the first
day of January, 19_, the principal amount of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of per annum
payable on the first day of July, 1967 and semiannually on the
first days of January and July of each ,year thereafter as evi-
dented by and upon presentation and surrender of the attached
interest coupons as they severally become due, or until the
payment of such principal sum shall be made or duly provided
for.
Both principal of and interest on this bond are payable
in lawful money of the United Sr.ates of America at the office
of the City Treasurer in Port Townsend, washinrton, solely out
of the special fund of the city known as "Port Townsend 1967
1'r .