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APPENDIX B-1
<br /> Notice of Defeasance*
<br /> City of Everett, Washington
<br /> Water and Sewer Revenue and Refunding Bonds,2003
<br /> NOTICE IS HEREBY GIVEN to the owners of that portion of the above-captioned
<br /> bonds with respect to which, pursuant to an Escrow Agreement dated February_, 2013, by and
<br /> between City of Everett Washington (the "City") and U.S. Bank National Association, Seattle,
<br /> Washington (the "Escrow Agent"), the City has deposited into an escrow account, held by the
<br /> Escrow Agent, cash and non-callable direct obligations of the United States of America, the
<br /> principal of and interest on which, when due, will provide money sufficient to pay each year, to
<br /> and including the respective maturity or redemption dates of such bonds so provided for, the
<br /> principal thereof and interest thereon (the "Defeased Bonds"). Such Defeased Bonds are
<br /> therefore deemed to be no longer outstanding pursuant to the provisions of Ordinance
<br /> No. 2690-03 of the City, authorizing the issuance of the Defeased Bonds, but will be paid by
<br /> application of the assets of such escrow account.
<br /> The Defeased Bonds are described as follows:
<br /> Water and Sewer Revenue and Refunding Bonds, 2003 (Dated May 15, 2003)
<br /> Maturity Years Principal CUSIP Call Date
<br /> (December 1) Amounts Interest Rates Nos. (at 100%)
<br /> 2013 $ 1,630,000 5.00% 300060HP8 N/A
<br /> 2014 1,710,000 5.00 300060HQ6 07/01/2013
<br /> 2015 1,800,000 5.00 300060HR4 07/01/2013
<br /> 2016 1,890,000 5.00 300060HS2 07/01/2013
<br /> 2017 1,980,000 5.00 300060HT0 07/01/2013
<br /> 2018 2,080,000 5.00 300060HU7 07/01/2013
<br /> 2019 2,185,000 5.00 300060HV5 07/01/2013
<br /> 2020 2,295,000 5.00 300060HW3 07/01/2013
<br /> 2021 2,410,000 5.00 300060HX1 07/01/2013
<br /> 2022 2,530,000 5.00 300060HY9 07/01/2013
<br /> 2023 2,655,000 5.00 300060HZ6 07/01/2013
<br /> 2024 2,790,000 5.00 300060JA9 07/01/2013
<br /> 2025 2,930,000 5.00 300060JB7 07/01/2013
<br /> 2026 3,075,000 5.00 300060JC5 07/01/2013
<br /> 2027 3,230,000 5.00 300060JD3 07/01/2013
<br /> * This notice shall be given immediately by first class mail to each registered owner of the Defeased Bonds. In
<br /> addition notice shall be mailed to The Depository Trust Company of New York,New York;The Bank of New York
<br /> Mellon, as Fiscal Agent; Standard& Poor's Ratings Services, New York, New York, Banc of America Securities
<br /> LLC., National Public Finance Guarantee Corp. (formerly MBIA Insurance Corporation) and to the Municipal
<br /> Securities Rulemaking Board.
<br /> Appendix B-1 P:\20287_CMVN20287_9RC 01/02/13
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