Ordinance 2562-01 - Laserfiche WebLink

Both principal of and interest on this note are payable in lawful money of the United States of America. Interest on this note shall be paid by electronic funds transfer on the date such interest is due to the Bank. The final payment of all principal of and interest on this note shall be paid on the Maturity Date upon presentation and delivery of this note to the Finance Director of the City, as Note Registrar, for cancellation and surrender. This Notes is issued pursuant to Ordinance No. 2,502 -C`1 of the City (the "Note Ordinance"), passed by the City Council on je4; tt' 19 2001, for the purpose of establishing a line of credit with the Bank to provide funds to pay operating expenses of the City pending the receipt of revenues. Capitalized terms used in this Notes and not otherwise defined shall have the meanings given them in the Note Ordinance. Simultaneously with the issuance and delivery of this note, the City is issuing a Limited Tax General Obligation Note, 2002B (Revolving Line of Credit-Capital) (the "Series B Note"). The Outstanding Principal Amount of this note, when combined with the Outstanding Principal Balance of the Series B Note may not exceed $5,000,000, and the Bank shall not permit any Drawing hereunder which would result in the Outstanding Principal Balance exceeding $5,000,000. The City may prepay all or a portion of the Outstanding Principal Balance at any time without penalty. The City has designated this note as a qualified tax-exempt obligations under Section 265(b) of the Internal Revenue Code of 1986, as amended. The City has irrevocably covenanted with the owner of this notes that it will annually include in its budget and levy taxes, within and as a part of the tax levy permitted to cities without a vote of the electorate, upon all property subject to taxation, in an amount sufficient, together with all other money legally available for such purpose, to pay the principal of and interest on this note as the same shall become due. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of such taxes and the prompt payment of such principal and interest. This note shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Note Ordinance until the Certificate of Authentication has been manually signed by the Note Registrar. THIS NOTE IS NOT TRANSFERABLE. It is hereby certified that all acts, conditions and things required by the Constitution and statutes of the State of Washington and the Charter and ordinances of the City to exist, to have happened, been done and performed precedent to and in the issuance of this note have happened, been done and performed and that the issuance of this note does not violate any constitutional, statutory or other limitation upon the amount of bonded indebtedness that the City may incur. In Witness Whereof, the City of Everett, Washington, has caused this note to be executed by the manual or facsimile signature of the Mayor and to be attested by the manual or facsimile -8- P\CMW\CMW54B 01/11/20