Ordinance 2562-01 - Laserfiche WebLink

ORDINANCE NO. 2562-01h . AN ORDINANCE of the City of Everett, Washington, providing for the issuance and sale of limited tax general obligation notes of the City in the aggregate principal amount of $5,000,000 for the purpose of establishing a revolving line of credit to provide funds to pay the capital and operating expenses of the City from time to time pending receipt of revenues or the proceeds of other obligations and to pay the cost of issuing such Notes; providing the date, form, and repayment terms of the Notes; providing for the annual levy of taxes to pay the principal of and interest on the Notes; and authorizing the sale of the Notes. WHEREAS, the City Council (the "Council") of the City of Everett, Washington (the "City"), currently maintains a line of credit with Bank of America, N.A. for the purpose of obtaining funds from time to time as needed to pay operating expenses pending the receipt of revenues; and WHEREAS, the City has determined to renew the operating line of credit and, in addition, to have credit line available to pay capital expenses that have been approved by the Council as part of the City's capital budget process; and WHEREAS, the City is authorized, pursuant to RCW 39.46.050, to establish lines of credit with a qualified public depositary; and WHEREAS, the City has received the offer of Bank of America N.A., Seattle, Washington (the "Bank"), under terms and conditions deemed acceptable to this Council; NOW, THEREFORE, THE CITY EVERETT DOES ORDAIN AS FOLLOWS: Section 1. Definitions. As used in this ordinance, the following words shall have the following meanings, unless a different meaning clearly appears from the context: Arbitrage and Tax Certification means the certificate executed by the Finance Director pertaining to the calculation and payment of any rebate amount with respect to the Notes.