Ordinance 3945 - Laserfiche WebLink

• ORDINANCE NO. 3945 AN ORDINANCE of the City of Everett, Washington, providing for the issuance of $4,235,000 of water revenue refunding bonds of the City for the purpose of providing funds to redeem and retire a like principal amount of outstanding water revenue bonds of the City; providing the date, form, terms, maturities and covenants of said refunding bonds; creating a special fund for the payment of the principal thereof and interest thereon, and a reserve account; providing and adopting certain covenants and protective features safeguarding the payment of such principal and interest; cancelling and rescinding the' right of the City to issue the remaining $504,000 of parity bonds authorized by Ordinance No. 3633; confirming the sale of said refunding bonds; and declaring an emergency. WHEREAS, the City now has outstanding the following- described water revenue bonds: Interest Date of Issue Bond Nos . Amount Rate October 1, 1957 301-1715 $1,415,000 4.00 % October 1, 1957 1716-3850 2, 135,000 4.25 % April 1, 1960 11-50 40,000 4.00 % April 1, 1960 51-115 65,000 4.25 % April 1, 1961 6-31 26,000 2 .875% December 15, 1961 1-435 435,000 3.875% December 15, 1961 436-750 315,000 3 .80 % and WHEREAS, the bonds of the above-mentioned April 1, 1961 issue are noncallable, but mature on October 1 of each of the years 1963 through 1967, and the bonds of the rest of the above-described issues may be called for redemption on the following dates and with the following premiums : Issue Call Date Premium October 1, 1957 Octobe: 1, 1967 $104 per $100 par value April 1, 1960 October 1, 1969 $104 per $100 par value December 15, 1961 December 15, 1971 $103 per $100 par value;