Ordinance 2311-98 - Laserfiche WebLink

ORDINANCE NO. 2311-98 AN ORDINANCE of the City of Everett, Washington, providing for the issuance and sale of limited tax general obligation bonds of the City in the principal amount of $1,700,000 for the purpose of providing funds to finance improvements to the City's golf course and related facilities and to pay issuance costs; providing the date, form, terms and maturities of the bonds; providing for the annual levy of taxes to pay the principal of and interest on the bonds; and authorizing the sale of the bonds. WHEREAS, the City Council of the City of Everett, Washington (the "City") has determined that it is in the best interest of the City to undertake certain improvements to the golf course and related facilities owned by the City; and WHEREAS, to provide a portion of the funds necessary to pay costs of such improvements, it is deemed necessary and advisable that the City now issue its limited tax general obligation bonds in the aggregate principal amount of$1,700,000 (the "Bonds"); and WHEREAS, BancAmerica Robertson Stephens, Seattle, Washington (the "Underwriter") has offered to purchase the bonds authorized herein on the terms and conditions set forth in such offer and in this Ordinance; and WHEREAS, it appears to the City Council that it is in the best interests of the City that the Bonds be sold to the Underwriter on the terms set forth in its purchase offer and in this Ordinance; NOW, THEREFORE, THE CITY EVERETT DOES ORDAIN AS FOLLOWS: Section 1. Definitions. As used in this ordinance, the following words shall have the following meanings, unless a different meaning clearly appears from the context: "Arbitrage and Tax Certification" means the certificate executed by the Finance Director pertaining to the calculation and payment of any rebate amount with respect to the Bonds. "City Council" means the general legislative authority of the City.