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506242089.1 <br />ORDINANCE NO. ______ <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF WATER <br />AND SEWER REVENUE AND REFUNDING BONDS OF THE <br />CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED <br />$66,100,000 FOR THE PURPOSE OF ACQUIRING, <br />CONSTRUCTING AND INSTALLING CERTAIN ADDITIONS <br />AND BETTERMENTS TO AND EXTENSIONS OF THE <br />CITY’S WATER AND SEWER SYSTEM; AND REFUNDING <br />CERTAIN OUTSTANDING REVENUE BONDS OF THE CITY. <br />WHEREAS, the City of Everett, Washington (the “City”) now owns and operates a <br />combined system of water supply and distribution and sewage treatment and disposal (the <br />“System”); and <br />WHEREAS, the City is authorized to issue revenue bonds for the purpose of paying the <br />cost of additions, improvements and betterments to the System; and <br />WHEREAS, to provide funds to pay part of the costs of such improvements, it is deemed <br />necessary and advisable that the City now issue and sell its water and sewer revenue bonds (the <br />“Improvement Bonds”), and <br />WHEREAS, the City has outstanding its water and sewer revenue bonds payable from <br />revenues of the System as follows: <br />Authorizing <br />Ordinance <br />Bond <br />Designation <br />Date <br />of Bonds <br />Principal Amount <br />Outstanding <br />(3/1/23) <br />Ordinance No. 3313-13 <br />Water and Sewer Revenue <br />Refunding Bonds, 2013 <br />(“2013 Bonds”) February 14, 2013 $36,125,000 <br />Ordinance No. 3450-15 <br />Water and Sewer Revenue <br />Bonds, 2015 (“2015 <br />Bonds”) November 3, 2015 39,275,000 <br />Ordinance No. 3518-16 <br />Water and Sewer Revenue <br />Refunding Bonds, 2016 <br />(“2016 Bonds”) November 29, 2016 58,400,000 <br />(collectively, the “Outstanding Parity Bonds”); and