Ordinance 2298-98 - Laserfiche WebLink

WHEREAS, pursuant to Ordinance No. 2208-97, passed on March 5, 1997, the City issued its Water and Sewer Revenue Bonds, Series 1997, under date of March 1, 1997 (the "1997 Bonds"), in the original aggregate principal amount of$6,085,000; and WHEREAS, Section 6 of Ordinance No. 1433-88 provides that the 1988 Bonds maturing on and after July 1, 1999, may be redeemed prior to their stated maturities on July 1, 1998, at a price of par plus accrued interest to the date of redemption; and WHEREAS, the ordinances authorizing the 1988 Bonds, the 1992 Bonds, the 1992 State Bond, the 1993 Bonds and the 1997 Bonds (collectively, the "Outstanding Parity Bonds") provide that the City may issue additional water and sewer revenue bonds on a parity with the Outstanding Parity Bonds for the purpose of refunding outstanding obligations of the System if certain conditions are met; and WHEREAS, after due consideration the City Council of the City (the "Council") finds that the outstanding 1988 Bonds maturing on July 1 in 1999 and 2000 (the "Refunded Bonds") may be refunded by the issuance and sale of the water and sewer revenue refunding bond of the City authorized herein so that a substantial savings to the City and ratepayers of the System will be effected by the issuance of such refunding bond and the payment and redemption of the Refunded Bonds on July 1, 1998; and WHEREAS,to effect such refunding in the manner that will be most advantageous to the City and ratepayers of the System, the Council finds it necessary and advisable to appoint an escrow agent and to purchase certain "Acquired Obligations" (hereinafter defined) out of the proceeds of sale of the refunding bond; and WHEREAS, Bank of America National Trust and Savings Association, doing business as Seafirst Bank (the "Bank"), has offered to purchase the bond authorized herein on the terms and conditions set forth in such offer and in this ordinance; and -2- DOTOQ5 DOC 98/04/28