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HomeMy WebLinkAbout02105and improvements thereto and extensions thereof. The City of Port. Townsend hereby covenants and agrees with the owner and holder of this bond that it i•4ill keep and perform all the covenants of this bond and of Ordinances No. 1379 and No. 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 its Olympic Gravity Water Fund (hereinafter called the "Water Fund"), and to pay into the 1967 Bond Redemption Fund and the Reserve Account created therein, the various amounts required by said Ordinance No. to be paid into and maintained in said Fund and Account;, all within the times provided by said ordinance. The city has further pledged and bound itself to set aside and pay into such Water Fund as collected all of the gross earnings and revenue derived by it from the operation of its combined water and sewerage system and all additions and improve- ments thereto and extensions thereof. Said amounts so pledged to be paid out of said Water Fund into said 1967 Bond Redemption Fund and Reserve Account are hereby declared to be a prior lien and charge upon the money in said Water Fund superior to all other charges of. any kind or nature except Lhe necessary costs of maintenance and operation of said combined water and sewerage system, and equal in rank to the charges made upon the money in said Water Fund to pay and secure the payment of the principal of and interest on the out- standing water revenue bonds of the city issued under date of December 1, 1959 and to any charges that may be made upon the money in said 'Water Fund to pay and secure the payment of the principal of and interest on any revenue bonds which the city may issue later on a parity with said outstanding; December 1, 1959 revenue bonds and the bonds of th.1s issue. The City of Port Townsend has further hound itself to maintain said combined wager and sewerage system in good repair, 17.