Ordinance 2423-99 - Laserfiche WebLink

in the principal amount of not to exceed $4,000,000. The Bond shall be designated the "City of Everett, Washington, Limited Tax General Obligation Bond, 1999 (Bank of America Line of Credit)," shall be dated as of the date of its delivery to the Bank, shall be fully registered as to both principal and interest, shall be in the denomination of$4,000,000, and shall be numbered in such manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification and control The Outstanding Principal Balance shall bear interest at a fully floating variable per annum rate equal to 55% of the Prime Rate. Interest on a particular principal amount drawn on the line of credit established hereunder shall be determined from the date the Bank honors such draw. Interest shall be calculated on the basis of a year of 365/366 days and actual days elapsed. Interest on the Outstanding Principal Balance shall be payable monthly on the first day of each month, commencing in the month following delivery of the Bond to the Bank, with final payment of all outstanding principal of and interest on the Bond at final maturity of the Bond on the day that is two years following the date of issuance of the Bond. Section 4. Registration and Payments. The Finance Director shall act as authenticating agent, paying agent and registrar for the Bond (collectively, the "Bond Registrar"). Both principal of and interest on the Bond shall be payable in lawful money of the United States of America. Interest on the Bond shall be paid by check or draft of the Bond Registrar mailed on the date such interest is due or by electronic funds transfer made on the date such interest is due to the Registered Owner at the address appearing on the Bond Register. Upon final payment of all installments of principal and interest thereon, the Bond shall be submitted to the Bond Registrar for cancellation and surrender. The Bond is not transferable. -4- P:\DOT\DOTOYN 99/11/08