Ordinance 2298-98 - Laserfiche WebLink

The applicable parity conditions set forth in Ordinance Nos. 1433-88, 1891-92, 1963-93 and 2208-97 and in the SRF Loan Agreement having been complied with, the Bond shall be issued on a parity of lien with the Outstanding Parity Bonds. Section 3. Authorization and Description of Bond. For the purpose of refunding the Refunded Bonds, the City shall issue its water and sewer revenue refunding bond in the total principal amount of $6,075,000 (the "Bond"). The Bond shall be designated as the "City of Everett, Washington, Water and Sewer Revenue Refunding Bond, 1998," shall be dated as of the date of its delivery to the Bank, shall be issued as a single bond in the denomination of $6,075,000, and shall be fully registered as to principal and interest. The Bond shall bear interest on unpaid principal from its date (calculated on the basis of a year of 360 days and twelve 30-day months) at the per annum rate of 4.12% until the Bond has been paid or its payment duly provided for. Interest shall be payable semiannually on the 1st day of each January and July, commencing on July 1, 1998. Principal of the Bond shall be paid on each July 1, in years 1998 through 2000, as follows: Maturity Year Principal (July 1) Amount 1998 $ 160,000 1999 3,345,000 2000 2,570,000 Principal of and interest on the Bond shall be payable solely from the Revenue Bond Fund. The Bond is not a general obligation of the City or of the State of Washington or any political subdivision thereof. Section 4. Registration and Payment. The Treasurer shall act as authenticating agent, paying agent and registrar for the.Bond (collectively, the "Bond Registrar"). Both principal of and interest on the Bond shall be payable in lawful money of the United States of America. Installments of the principal of and interest on the Bond shall be paid by check or draft of the -12- DOTOQ5 DOC 98/04/28