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Ordinance 0482ORDIL.LLCE LO. 482. /1, Ar Ordirance authorizing and approving a certair car tract by and between the I orth Edmords Impro ?e;ment Company, a corporation, and the City of Edmords, relating to the construction, maintenance and sapervisior of a water pipe lire cor_nectir.g the yorth Edmords district with the City's water supply system, to the supply of water to said line, to the collection of revenues and disposition of same, to the establishment of the north Edmonds Water Rental Fund, and to other matters in correction with the said pipe lire. The City Courcil of the City of Edmonds do ordain as follows: SECTID 1: That there be, and there is, hereby authorized ar_d approved a cor_tract by and between, the Lorth Ldmords Improvement Compary, a corporation, and the City of ELL3,1-is, said Contract be- irg in words, letters and figures, the follati,irg, towit: This 1,greemert , made this 30th day of June 1932, by ar_d betweet- -orth Edmords Improvement Compary, a corporation, party of the first cart, and the City of Edmords, a municipal corpora- � tior., party o the second part, ,� WITLESSETH: Whereas, the first party desires to obtain for y its members .,ard other persons it may aessgrate,the use of water for domestic ard irrigation purposes from the water system and y water supply of the second party, and VVIIEREAS, the second party is willing to furnish and supply the same to such parties upor the terms a.rd conditions hereinafter mertiored. IOIY, THEREFORE, the parties hereto agree as follows: 1. The first party will construct, at its own cost and ex- per_se, subject tc the approval of the City Council of Edmords, a water main from the point of its i;tersection and correction with the water system of second party, along and over the route desig.- rated it the franchises therefor granted to the first party by the seeord party end the Board of Courty Commissioners of Snohom- ish Courty, Washirgtor. 4 The estimated cost of said pipe line is four thousand ( ,000.00) Dollars, and said pipe lire shall be corstructed and rg laid solely at the cost and experse of the first party and the same shall be ready for use as soar as practicable. 2• The first party will issue its negotiable Bonds in an amourt equal to the actual cost and expense of said eonstruetior it such number and denomination and redeemable at such times as the first party shall determine. Said Bonds shall bear interest at the rate of six per- cent. (6%) per ar_rum and the interest thereon shall be paid semi-�rL arrually,ard the said Bonds shall be retired in the manner here- irafter provided. 3. -.:her said pipe lire is laid, constructed and completed, and correoted with the water system of the second party, the second r1arty shall thereupon assume complete control of the opera- tion an -.11airtenarce of said water mair and system and shall make and apply all proper rules and regulations for the use of water sups.lied by and through such mair. in corformity with the rules and regulations in force for the inhabitants of the City of Ed- mor_as applicable to suburban corditiors. 4• The second party shall thereafter, and during the life off, this Contract, supply water through said water ma.ir from its grater � system to present members of the first party, and to such other persons as the parties hereto may mutually designate aL'd determim 236 and shall charge an- collect from all of such water users the same rates as are collec :..d for similar service supplied to water users by the second party. `{ 5. All for water service through said water main shall be collected �,J the second party and the same shall be placed + and kept in a s epa ti_Lt e furjA des igrat ed as the 111. orth Edmonds Water Rental Fund". From this Purd there shall be paid from time to time the followir_g: (1) All actual ex-r_ses incurred end made necessary by the second party in repu'sing and mairtaining said pipe line. (2) Ten perc__ _ (10%) of all collections made shall be paid to the second party �s the agreed cost for pumpirg said water and expense . iaerval to reading of meters, collection of reven- ues and service of '-wndlirg the accounts of aid water users. (3) One percer'-. (1%) of said collections shall be paid to YVAI the City of Edmonds .o be applied to the gross revenue -of its water system as p--- payment for furrishir_g and deliverirg said. water. (4) The remair_1er of said fund shall be deposited quarterly e���irterest it the State Bark .- Edmonds to be applied to the paymert of or. the Bor__-Z hereir_before referred to and to the redemp- tior and retirement of said Bonds it the order it which they are issued as rapidly - the mor_ey available in said fund will permit. 1W 5. It is urder:.tooa and agreed that the second party is not egaired during the life of this Contract to furr..ish any particu- lar amount of water , save and except that it will furx_ish the - normal amourt of water that flows through said main frvrr Zts it tersection at said oir_t with the water pipe and system :f said second party, 7. The secord party agrees to install meters or the private lines of all users f water from said pipe lire, colleetirg the v4fko cost a.rd expense of such ir_stallatior from the water users ,to wham said service is u-aj. Flied. vv" 8. Jpor_ the co--,. -leti or (e second party, .'-e first TPPI second party all - w_ •:_ ;.es bi"' ir..stallat for ard. the layi - g in paragraph ore he, eof. of said pipe lire and acceptance by party will transfer aLd assign to the obtaired by it i= connection with the ❑f said water pipe JiLes referred to 9. 6,t the te_-_-_'r_.atior of thj@ agreemer..t ar.cl upor_ the retire- t azu. redempti-. - of all outstanding Bords issued as aforesaid the first party will convey to the secord party all it- right and it 4erest it ar-d to laid water main- and when said Bonds have all beer. retired ara all irterest accrairg thereor shall have been ry paid, the obligat , s of the parties urdar this agreement shall cease and determi: - and this contract ermir.ate , save and. except thatthereafter the ecord party will cortinue to furnish water to the water users or, Qaid pipe line upon the same terms and under the same conditions as water is supplied to its other water users similarly situated. ISM WITi<LSS ;Si the parties have hereunto executed this agreernert in triplicate the day and year first above written. L ORTH ELMOI LS I1UaOVE1L1,.''1' COidiAE Y, Ey Pres�ert. party of the first part. ' �iT'TEST Seen.-ary. CITY 02 EMiG1 LS By E Ylayor . party of the secord part. hT'TEST: City Oler1z. 237 SECTIOI, 2: That the mayor and City Clerk be, and they are, n "'a v # hereby authorized and directed to enter irto said Contract im- mediately upor this Ordinance takirg effect; and the several officers of the City of Edmonds are hereby authorized and directed to do all thir:gs recessary, well and truly to execute and carry out the provisions of this Contract or behalf of the City. SECTIOE 3: That this Ordinance shall take effect ar.d be in force five (5) days from and after its passage, approval and pub- licatior as provided by law. Introduced or. the 7th day of Jure A.D.,1932. /Jj,� Passed and approved this 21st day of June L.D.,1932. U AT'EST: Geo.M*Leyda, City Clerk. E.6..Four-trer, Mayor. 6pproved as to form: C.H.Bierz - Alex McZ. Vierhus City, Attorney. Published June 24th, 1932 I hereby certify that the above and foregoing is a true and correct copy of Ordir.ar_ice Io.482 of the City of Edmonds, Lash. Geo.M.Leyda, City Clerk.