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355 <br /> ( September 30,1992 <br /> RESOLUTION-PURCHASE WATER AND SEWER REVENUE BONDS <br /> Moved by CouncilmanPope, seconded by Councilman Anderson to <br /> adopt Resolution Na. 3674 acepting bids for the purchase of <br /> rn <br /> water end a e bonds in the principal amount of <br /> 50,000,000, and fixingthe interest rate and certain terms end <br /> conditions of such bonds as follows: <br /> WHEREAS, the City Council of Everett, Washington ((he "City") <br /> by Ordinance No. 1891-92 passed on September 23, 1992, <br /> authorized the issuance and sale Of the city!s Water and Sewer <br /> Revenue Refunding Bonds, 1992 (the "Refunding Bonds") and its <br /> Water and Sewer Revenue Bonds, 1992 (the."Project Bonds") <br /> (together,the"Bonds")to provide part of the funds necessary <br /> to construct certain capital improvements to the watesand <br /> sewer system of the City and to accomplish a refunding of <br /> certainoutstanding water and sewer bonds of the City;and <br /> WHEREAS,a preliminary official statement has on prepared for <br /> the public sale of the Bonds, notice of such s a has been duly <br /> published and given a required by law and bids have been <br /> received pursuant to such notice;and <br /> WHEREAS, the.City Finance Director hes determined to withdraw <br /> the sale of the Refunding Bonds due to adverse market <br /> conditions;and <br /> WHEREAS, the bid of Prudential Securities, Inc.to purchase the <br /> Project.Bonds isthe best bid received, andit isn the best. <br /> Interest,of the City that the Project,Ronde be...sold to s <br /> f:lumvon the.,terms set forththin its.:bids.and in Ordinance No. <br /> 1891-92; <br /> NOW,THERFBRE, the Clty Council of Everett, Washington, hereby <br /> salves as follows: <br /> Section 1. Acceptance of Bids and Establishment of Terms. The <br /> bid to purchase the Project Bonds, as <br /> set forth in Exhibit A is <br /> hereby..accepted. The:Bonds shall mature in the years and <br /> amounts and bear interestat the rates set forth in Exhibit B, <br /> and the Project Bonds maturing in 2009 through 2012 are hereby <br /> designated as. Term Bonds maturing.in 2012 with sinking..fund <br /> payments as specified in Exhibit A. <br /> Section 2. Withdrawal of the Refunding Bands. The withdrawal <br /> of.rhe.Refunding Bonds..from lthe.:publ c IOffering is hereby <br /> approved. <br /> C <br />