2025/03/12 Council Agenda Packet

6 NG-U9ZQVMF2/4929-1516-5708v5/200676-0007 (43) “Securities Depository” means DTC, any successor thereto, any substitute securities depository selected by the City that is qualified under applicable laws and regulations to provide the services proposed to be provided by it, or the nominee of any of the foregoing. (44) “Series of the Bonds” or “Series” means a series of the Bonds issued pursuant to this ordinance. (45) “State” means the State of Washington. (46) “State Contribution” has the meaning given in RCW 39.102.020(29). (47) “System of Registration” means the system of registration for the City’s bonds and other obligations set forth in chapter 3.18 of the Everett Municipal Code and in this ordinance. (48) “Taxable Bond” means any Bond the interest on which is not intended, as of the Issue Date, to be excludable from gross income for federal income tax purposes. (49) “Tax-Exempt Bond” means any Bond the interest on which is intended on the Issue Date to be excludable from gross income for federal income tax purposes. (50) “Term Bond” means each Bond designated as a Term Bond and subject to mandatory redemption in the years and amounts set forth in the Bond Purchase Agreement. (51) “Undertaking” means the undertaking to provide continuing disclosure entered into pursuant to Section 15 of this ordinance. (52) “Various Purpose Bonds” means the Series of Bonds issued to provide the funds to pay the costs of the Projects other than the LIFT Public Improvements. (b) Rules of Interpretation. In this ordinance, unless the context otherwise requires: (1) The terms “hereby,” “hereof,” “hereto,” “herein, “hereunder” and any similar terms, as used in this ordinance, refer to this ordinance as a whole and not to any particular article, section, subdivision, or clause hereof. The term “hereafter” shall mean after, and the term “heretofore” shall mean before, the date of this ordinance. (2) Words of the masculine gender shall mean and include correlative words of the feminine and neuter genders and words importing the singular number shall mean and include the plural number and vice versa. (3) Words importing persons shall include firms, associations, partnerships (including limited partnerships), trusts, corporations and other legal entities, including public bodies, as well as natural persons. (4) Any headings preceding the text of the several articles and Sections of this ordinance, and any table of contents or marginal notes appended to copies hereof, shall be solely for convenience of reference and shall not constitute a part of this ordinance, nor shall they affect its meaning, construction or effect. (5) All references herein to “articles,” “sections” and other subdivisions or clauses are to the corresponding articles, sections, subdivisions or clauses hereof. Section 3. Authorization of Bonds. The City is authorized to borrow money on the credit of the City and issue negotiable limited tax general obligation improvement bonds evidencing indebtedness in one or more Series in an aggregate principal amount not to exceed $________ to provide funds necessary to carry out the Projects, and to pay the costs of issuance and sale of the Bonds. The proceeds of the Bonds allocated to paying the cost of the Projects shall be deposited as