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CITY OF EVERETT, WASHINGT"IN <br />ORDINANCE N0.4O83-25 <br />AN ORDINANCE of the City of Everett, Washington, relating to the <br />combined water, sanitary sewer, and storm and surface water drainage systems of <br />the City (the "Water & Sewer System"); specifying, adopting and ordering the <br />carrying out of a system or plan of additions to and betterments and extensions of <br />the Water & Sewer System; providing for the issuance of one or more series of <br />Water & Sewer Revenue bonds in an aggregate principal amount not to exceed <br />$181,000,000 for the purpose of providing funds necessary: (a) to pay or reimburse <br />all or a portion of the costs of carrying out certain projects comprising a portion of <br />the Plan of Additions, (b) to provide for meeting the debt service Reserve <br />Requirement, if necessary, and (c) to pay the costs of issuance of the bonds; fixing <br />or setting parameters with respect to certain terms and covenants of the bonds; <br />appointing the City's designated representative to approve the Sale Terms for the <br />bonds; and providing for other related matters. <br />BE IT ORDAINED BY THE CITY OF EVERETT as follows: <br />Section 1. Findings and Determinations. The City Council makes the findings and <br />determinations set forth below. Capitalized terms have the meanings given in Section 2 of this <br />ordinance. <br />(a) Combined Water & Sewer System. Pursuant to chapter 35.67 RCW, the City now <br />owns, operates and maintains the Water & Sewer System, currently consisting of its existing water <br />system, sanitary sewer system, and storm and surface water drainage system, as they now exist, and <br />including any and all additions, extensions and betterments to any of the foregoing. <br />(b) Outstanding Parity Bonds. The City's currently outstanding Parity Bonds payable <br />from the Net Revenue are described in Exhibit A. The terms of the currently outstanding Parity <br />Bonds permit the City to issue debt constituting a lien and charge upon the Net Revenue and ULID <br />Assessments on parity with the lien and charge of the outstanding Parity Bonds if certain conditions <br />the "Parity Conditions") are met. <br />(c) Plan of Additions. The City specifies, adopts and orders the carrying out of the Plan <br />of Additions, including the Projects intended to be financed with the proceeds of the Bonds. The <br />aggregate estimated total cost of the Projects is more than $332 million. The City does not have <br />available sufficient funds from current resources, grants, and Government Loans to pay the costs and <br />is in need of funds with which to finance the remaining costs of the Projects. The Projects shall be <br />carried out in accordance with the plans and specifications therefor prepared by the City's engineers <br />and consulting engineers. The City Council may modify the details of the Projects where, in its <br />judgment, it appears advisable if such modifications do not substantially alter the purposes of the <br />Projects, or if such modifications provide funding to other elements described in the Plan of <br />Additions, as then in effect. The cost of the Projects, including the cost of issuance and sale of the <br />Bonds, shall be paid from the proceeds of the Bonds and from other money available to the Water & <br />Sewer System, including current resources, grants and loans. The average expected useful life of the <br />Projects exceeds the maximum maturity of the Bonds authorized herein. <br />1 <br />