HomeMy WebLinkAbout226AIT ORDI:TAITCE for the security of Fifty Thousand
Dollars (,"- 0,000) Special V7ater Fund Bonds of the City of
Kent.
MMIRAS), the City of Kent, Vashington, has hereto -
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fore authorized -the issue of its Special eater Fund Bonds to
the amount of Fifty 'Thousand Dollars (1`50,000), dated February
1, 1910; and
WBEREAS, George IT. Tilden & Company have purchased.
said bonds upon the understcanding that the sum of Forty-five
Hundred Doll:rs (!4500) annually is to be reserved from the
income and revenue of the water works system of the City of
Kent, and that said sum constitutes a first and only lien
upon said revenue, and that the revenue shall not be abated
or reduced while said bonds are outstanding, nor shall said
'water works system be disposed of or encumbered in,a nner;
TIIT+TREFORE,t e City Council of the City of Kent,
Washington, do ordai as follows:
SECTION 1. That in consiAl.ration of the purchase
of the Special Water Fund Bonds, as recited in the preamble of
this ordinance, the City of Kent, Washington, hereby covenants
to and with George II. Tilden & Company, and each and every of
the holders of -the said bonds, as follows:
1. That the rate of charges for water furnished
from the water works system of the City of Kent, Washington,
shall not be reduced or abated so that the aggregate revenue
of said system shall amount to.less than the amount received
during the year 1909 until all and singular the said Special
Water Fund Bonds are , :'ully paid.
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2. That Ile City of Kent hereby binds itself not
to sell, lease or in any manner dispose/of the water works
system now belonging; or whichIma-r hereafter belong to it
until all obligations outstandin? against or payable from
said special fund shall have been paid in fall; or in case
it shall sell or dispose of the same before such payment, to
pay out of any moneys derived from such sale all such)obliga-
tions=then remaining unpaid; and it shall not, in any event,
sell or dispose of said system or an part thereof for a sum
less than enough to pay all obligations chargeable against �sr,.•
or payable from the revenue of such watez'�1//system.
SECTION 2. This ordinance shall be in force from
and after its passageand publication.
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