Ordinance 2557-01 - Laserfiche WebLink

Section 2.02. Authorization of Bonds. (a) Authorization. The City shall issue the Bonds in the principal amount of $13,000,000 to provide funds necessary to pay costs of the Projects and costs incidental thereto, including costs of issuance of the Bonds. (b) Designation; Date. The Bonds shall be designated "City of Everett, Washington Variable Rate Demand Limited Tax General Obligation Bonds, 2001." The Bonds shall be dated as of the Closing Date, shall mature on the Maturity Date(s), and shall be issued in Authorized Denominations. Principal of and interest on, any premium, and the Purchase Price of the Bonds shall be payable in lawful money of the United States of America. (c) Initial Mode; Changes in Mode. The Bonds initially shall bear interest in the Weekly Mode. Bonds (other than any Bank Bonds) may be changed to the Fixed Mode on a one-time basis at the time and in the manner provided herein. All Bonds (other than any Bank Bonds) shall be within the same Mode. On the Fixed Rate Conversion Date, the Weekly Mode for the Bonds (other than any Bank Bonds) shall be changed to the Fixed Rate, as provided in Section 2.10. The Fixed Mode shall be in effect until the Maturity Date(s) for the Bonds and may not be changed back to the Weekly Mode. Prior to the Fixed Rate Conversion Date, the City shall obtain a Favorable Opinion of Bond Counsel with respect to such change in Mode. (d) Determinations Conclusive. The interest rates determined by the Remarketing Agent in accordance herewith and with the Remarketing Agreement and contained in the records of the Registrar, absent manifest error, shall be conclusive and binding upon the City, the Remarketing Agent, the Registrar, the Bank and the Registered Owners and Beneficial Owners of the Bonds. -15- P\CMW\CMW4ZL 11/20/01