Ordinance 2562-01 - Laserfiche WebLink

PRINCIPAL AMOUNT: FIVE MILLION AND NO/100 DOLLARS (Drawn as provided herein) The City of Everett, Washington, a municipal corporation organized and existing under and by virtue of the laws and Constitution of the State of Washington, (the "City"), hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner identified above, or registered assigns, on the Maturity Date identified above, the Principal Amount (or so much as remains outstanding hereunder). This note shall bear interest on unpaid principal from the date of each drawing hereunder at a fully floating variable rate equal to 55% of the Prime Rate, payable on the first day of each month, commencing on fjivjta, 1, 2002. Interest shall be calculated on the basis of a year of 365/366 days and actual days ela3sed. The final payment of all outstanding principal of and interest on this note shall nevertheless be due on the Maturity Date identified above. 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. -C'/ of the City (the "Note Ordinance"), passed by the City Council on , 2001, for the purpose of establishing a line of credit with the Bank to provide funds to pay capital expenditures of the City. 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, 2002A (Revolving Line of Credit-Capital) (the "Series A Note"). The Outstanding Principal Amount of this note, when combined with the Outstanding Principal Balance of the Series A 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. -10- P\CMW\CMW54B 01/11/20