Ordinance 3700-19 - Laserfiche WebLink

ORDINANCE NO. 3700-19 AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF LIMITED TAX GENERAL OBLIGATION REFUNDING BONDS OF THE CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $26,000,000 TO PROVIDE FUNDS TO REFUND CERTAIN OUTSTANDING GENERAL OBLIGATION BONDS OF THE CITY. WHEREAS, the City of Everett, Washington (the "City") now has outstanding its Limited Tax General Obligation Refunding Bonds, 2014, issued pursuant to Ordinance No. 3405-14 under date of October 30, 2014, in the original principal amount of $35,865,000, currently outstanding in the amount of$25,630,000, maturing on December 1, 2034, and bearing interest initially at an "Index Floating Rate" (the "2014 Bonds"); and WHEREAS, the 2014 Bonds are callable for redemption at any time on or after June 1, 2019, in whole or in part, at a price of par plus accrued interest to the date of redemption; and WHEREAS, the City has determined that it would be in the best interest of the City to refund the 2014 Bonds with refunding bonds bearing a long-term fixed interest rate (herein defined as the "Bonds"); and WHEREAS, the Bonds authorized herein shall be sold pursuant to a competitive sale as herein provided; NOW, THEREFORE, the City of Everett does ordain, as follows: Section 1. Definitions and Interpretation of Terms. As used in this ordinance, the following words shall have the following meanings: Acquired Obligations mean the Government Obligations, if any, acquired by the City under the terms of this ordinance and the Escrow Agreement to effect the defeasance and refunding of the 2014 Bonds. Approved Bid means the winning bid submitted for the Bonds.