Ordinance 2557-01 - Laserfiche WebLink

ORDINANCE NO. 2557-01 AN ORDINANCE of the City of Everett, Washington, providing for the issuance and sale of variable rate demand limited tax general obligation bonds of the City in the principal amount of $13,000,000 for capital purposes and to pay the costs of issuing such bonds; providing the date, form, and repayment terms of the bonds; providing for the annual levy of taxes to pay the principal of and interest on the bonds; and authorizing the sale of the bonds; appointing a remarketing agent; authorizing a reimbursement agreement with Bank of America, N.A. to provide credit enhancement for the bonds; providing for the sale of the bonds to Banc of America Securities LLC.; and approving a bond purchase contract and a remarketing agreement with Banc of America Securities LLC. WHEREAS, the City Council (the "Council") of the City of Everett, Washington (the "City"), has expended its own funds for certain capital acquisitions and anticipates that it will incur additional capital expenditures; and WHEREAS, the City is authorized to issue its limited tax general obligation bonds to finance and refinance such expenditures; and WHEREAS, the City has considered a plan of finance for its capital expenditures which provides for the issuance and sale of $13,000,000 of limited tax general obligation bonds (hereinafter defined as the "Bonds"); and WHEREAS, the Bonds shall be sold to Banc of America Securities LLC, as provided herein; and WHEREAS, in order to provide credit enhancement and liquidity for the Bonds, the City shall provide for delivery of an irrevocable direct pay letter of credit to secure the Bonds, as authorized herein. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EVERETT DOES ORDAIN as follows: