Ordinance 2423-99 - Laserfiche WebLink

ORDINANCE NO. 2423-99 AN ORDINANCE of the City of Everett, Washington, providing for the issuance and sale of a limited tax general obligation bond of the City in the principal amount of $4,000,000 for the purpose of establishing a revolving line of credit to provide funds to pay the operating expenses of the City from time to time pending receipt of revenues, and to pay the cost of issuing such bond; providing the date, form, and repayment terms of the bond; providing for the annual levy of taxes to pay the principal of and interest on the bond; and authorizing the sale of the bond. WHEREAS, the City Council (the "Council") of the City of Everett, Washington (the "City"), has determined that it is in the best interest of the City to establish a revolving line of credit in exchange for the City's limited tax general obligation bond in the principal amount of $4,000,000 (the "Bond") to provide funds to pay operating expenses of the City from time to time pending the receipt of revenues; and WHEREAS, the City is authorized, pursuant to RCW 39.46.050, to establish a line of credit with a qualified public depositary to be drawn upon in exchange for the Bond; and WHEREAS, the City has received the offer of Bank of America N.A., Seattle, Washington (the "Bank"), to establish a line of credit in the principal amount of not to exceed $4,000,000 to be secured by the Bond, and the Council wishes to accept such offer on the terms and conditions set forth herein and in the Bank's offer to purchase the Bond and establish the line of credit; 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 Bond.