Ordinance 3946-23 - Laserfiche WebLink

506242089.1 -3- NOW, THEREFORE, the City of Everett does ordain, as follows: Section 1. Definitions. As used in this ordinance the following definitions shall apply unless a different meaning clearly appears from the context: Accreted Value means (1) with respect to any Capital Appreciation Bonds, as of any date of calculation, the sum of the amount set forth in the ordinance authorizing their issuance as the amount representing the initial principal amount of such Capital Appreciation Bonds plus the interest accumulated, compounded and unpaid thereon as of the most recent compounding date, or (2) with respect to Original Issue Discount Bonds, as of the date of calculation, the amount representing the initial public offering price of such Original Issue Discount Bonds plus the amount of discounted principal that has accreted since the date of issue. In each case, the Accreted Value shall be determined in accordance with the provisions of the ordinance authorizing the issuance of such Balloon Maturity Bonds. Acquired Obligations mean the Government Obligations acquired by the City under the terms of this ordinance and the Escrow Agreement, if any, to effect the defeasance and refunding of the Refunded Bonds. Annual Debt Service means the total amount of Debt Service for any Parity Bond or series of Parity Bonds or other subordinate lien evidences of indebtedness payable from Revenue of the System in any fiscal year or Base Period. Annual Debt Service shall be calculated net of any federal subsidy legally available to pay the principal of or interest on Parity Bonds in the year of calculation. Approved Bid means the winning bid submitted for the Bonds.