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ORDINANCE NO. 2298-98
<br /> AN ORDINANCE of the City of Everett, Washington, authorizing the
<br /> issuance and sale of a water and sewer revenue refunding bond of
<br /> the city in the principal amount of $6,075,000 to refund certain
<br /> outstanding water and sewer revenue bonds of the City;
<br /> authorizing appointment of an escrow agent and the execution of
<br /> an escrow agreement related to such refunding; fixing the date,
<br /> form, terms, maturities and covenants of such bond; and
<br /> authorizing the sale of such bond.
<br /> WHEREAS, the City of Everett, Washington (the "City") owns, operates and maintains a
<br /> combined water and sewer system (the "System"); and
<br /> WHEREAS,pursuant to Ordinance No. 1433-88 of the City, passed on January 13, 1988,
<br /> the City issued its Water and Sewer Revenue and Refunding Bonds, 1988, under date of
<br /> February 1, 1988 (the "1988 Bonds"), in the original principal amount of$41,945,000; and
<br /> WHEREAS, pursuant to Ordinance No. 1891-92 of the City, passed on
<br /> September 23, 1992 and Resolution No. 3674 of the City Council, adopted on
<br /> September 30, 1992, the City issued its Water and Sewer Revenue Project Bonds, Series 1992B,
<br /> under date of October 15, 1992 (the "1992 Bonds"), in the original principal amount of
<br /> $8,000,000, which bonds are outstanding in the aggregate principal amount of$6,905,000; and
<br /> WHEREAS,pursuant to Ordinance No. 1891-92, passed on September 23, 1992, the City
<br /> entered into that certain Amendment No. 2 to Washington State Water Pollution Control State
<br /> Revolving Fund (SRF) Loan Agreement between the State of Washington Department of
<br /> Ecology and the City, Loan No. SRF 90-004 (the "SRF Loan Agreement"), and issued to the
<br /> State its Water and Sewer Revenue Bond, 1992 (State Loan), under date of October 21, 1992
<br /> (the "1992 State Bond"), in the principal amount of$8,885,304; and
<br /> WHEREAS, pursuant to Ordinance No. 1963-93, passed on October 27, 1993, and
<br /> Resolution No. 3858 of the City Council, adopted on October 27, 1993, the City issued its Water
<br /> and Sewer Revenue Refunding Bonds, Series 1993, under date of November 1, 1993 (the "1993
<br /> Bonds"), in the original aggregate principal amount of$32,270,000; and
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