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UNITED STATES OF AMERICA <br /> NO. $4,000,000 <br /> (Drawn as <br /> provided herein) <br /> STATE OF WASHINGTON <br /> CITY OF EVERETT <br /> LIMITED TAX GENERAL OBLIGATION BOND, 1999 <br /> INTEREST RATE: Variable Rate, as provided herein <br /> MATURITY DATE: , 2001 <br /> REGISTERED OWNER: Bank of America N.A. <br /> PRINCIPAL AMOUNT: FOUR MILLION AND NO/100 DOLLARS <br /> (Drawn as provided herein) <br /> The City of Everett, Washington, a municipal corporation organized and existing under <br /> and by virtue of the laws and Constitution of the State of Washington, (the "City"), hereby <br /> acknowledges itself to owe and for value received promises to pay to the Registered Owner <br /> identified above, or registered assigns, on the Maturity Date identified above, the Outstanding <br /> Principal Balance (as defined below) drawn on this Bond, in an amount not to exceed the <br /> Principal Amount indicated above. The Outstanding Principal Balance on any particular day <br /> shall be the aggregate of all funds that the City has drawn from the date of this Bond to that day <br /> less the aggregate of all principal payments made by the City on or before that day. The <br /> Outstanding Principal Balance shall bear interest at a fully floating variable rate equal to 55% of <br /> the Prime Rate. Interest on a particular principal amount drawn under this Bond shall be <br /> determined from the date the Bank honors such draw. Interest shall be calculated on the basis of <br /> a year of 365/366 days and actual days elapsed. Interest on the Outstanding Principal Balance <br /> shall be payable monthly on the first days of each month, commencing on 1, 1999, <br /> with final payment of all outstanding principal of and interest on this Bond on the Maturity Date <br /> identified above. <br /> Both principal of and interest on this Bond are payable in lawful money of the United <br /> States of America. Interest on this Bond shall be paid by check or draft of the City's Finance <br /> Director (the "Bond Registrar") mailed on the date such interest is due or by electronic funds <br /> transfer made on the date such interest is due to the Registered Owner at the address appearing <br /> on the Bond Register. Upon final payment of all principal of and interest on this Bond, this <br /> Bond shall be submitted to the Bond Registrar for cancellation and surrender. <br /> This Bond is issued pursuant to Ordinance No. of the City (the "Bond <br /> Ordinance"), passed by the City Council on _, 1999, for the purpose of establishing a <br /> line of credit with the Bank to provide funds to pay operating expenses of the City pending the <br /> -6- P:\DOT\DOTOYN 99/11/08 <br />