Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1915-10-01
$4,000 on April LIST. 1928, to April 1st


$4,000 on April LIST, 1928, to April list.
1929, inclusive.
$4,000 on April 1st, 1890.
$4,000 on April LIST. 1881.
sec. :. At least one month prior to
the respective dates on which interest
falls due on said bonds the City Treas
urer shall set aside into said special
FUND from the gross revenues of said
system a sum equal to the amount of
such interest next falling due. and at
least one month prior to the respective
maturities of said bonds, the City
""r assure shall set aside into said spe-
said system an additional sum equal to
the amount Of the. principal of said
bonds next falling due.
Sec. 3. The City of Olympia hereby
and pay into said special fund from
said gross revenues the respective
MOUNTS at the respective times above
designated and does hereby declare
WV in fixing the amounts to be paid
into said fund as aforesaid it has eXer-
cised due regard to the cost Of opera
ton and maintenance of said water
the revenues Of said system have been
previously pledged as a fund for the
payment of bonds. warrants or other
Indebtedness. and has not hereby obli-
gated and bound said city to set aside
into said special fund greater amount
of the revenues of said system than in
lHelT Judgment Will De aNallaDle over
and above such cost Of maintenance and
operation.
Sec. 4. The City of Olympia hereby
agrees to pay fair charge for all
poses and all such payments so made
by the city shall constitute and be a
part of the gross revenues of said sys-
tenn.
Sec. 5. The City Of Olympia hereby
irrevocably binds itself not to sell, lease
or in any manner dispose Of it's said
water works plant until all the bonds
terest thereon, shall have been paid in
full; or in case said city should sell or
otherwise dispose Of said water works
plant before such payment, said city
from the sale or other disposal thereof,
all such obligations as shall then re-
main unpaid; and in any event it will
not sell SAID water works plant for any
said outstanding obligations, with the
interest accrued thereon.
And the City of Olympia further
water works plant Except in case Of
sale as above mentioned) and not to
reduce its rates or charges for water.
so that the sums hereinbefore provided
for to be paid semi-annually and an
nually out Of the gross revenues Of said
plant may not be paid without injury
to the reasonable operation of said
the interest thereon y shall 1 Sa~e S ~.n
fully paid. And said city further ire
vocably binds itself not to grant any
franchise for the construction and OPP
Grafton OF any water works system to
any person. persons, company or corpo-
ration whatsoever, nor to extend any
franchise now in existence. nor itself
TO- construct. maintain or operate any
other water works plant or system In
competition with or to the exclusion OF
the water works plant herein provided
for, until all Of the bonds issued there
on, shall have been paid in full. And
said city further irrevOcably binds itself
to establish, charge, maintain and COL
lect from water consumers a rate at
least sufHctent to meet the payments
hereinbefore provided for and to pro-
vide for the reasonable cost of oper-
ating said water works plant until all
OF said obligations shall have been fully
paid.
Sec. s. The City Of Olympia hereby
reserves the right In the event the ac-
tual cost of acquiring said system when
of 100000 to Issue such additional
bonds, payable both principal and in
terest solely from said fund and con-
shutting first lien upon the gross rev.
enues Of said system as may be neces-
sary to secure the additional sums re-
quired to pay the actual cost OF ac-
curing said system after and when SO
Sec. Z. Said bonds shall be sold by
the City Council in such manner as
they may deem for the best interest OF
said city; provided, however. that said
bonds shall not be sold below par, and
no more OF said bonds shall be sold
than Is necessary to raise funds sum-
cient to pay for the acquisition OF said
system and the lawful expenses con-
nected Herewith.
Passed September 20, 1915.
Approved September 20. 1915
GEO. A. HOFFMAN, Mayor.
Attest:
W. A. HOAGE, City Clerk.
Published September "a and October
I, 1915.