Ordinance 2562-01 - Laserfiche WebLink

Note Registrar means the Finance Director, for the purposes of registering and authenticating the Notes, maintaining the Note Register, and paying the principal of and interest on the Notes. Notes mean the City of Everett, Washington, Limited Tax General Obligation Note, 2002A (Revolving Line of Credit-Operations) and the City of Everett, Washington, Limited Tax General Obligation Note, 2002B (Revolving Line of Credit-Capital), in aggregate principal amount of not to exceed $5,000,000 authorized to be issued pursuant to this ordinance. 1999 Bond means the Limited Tax General Obligation Bond, 1999 issued pursuant to Ordinance No. 2423-99 of the City. Outstanding Principal Balance of the Notes means the total principal amount of all Drawings under the Notes remaining outstanding and unpaid. Prime Rate means the rate of interest publicly announced from time to time by the Bank as its Prime Rate. The Prime Rate is set by the Bank based on various factors, including Bank's cost and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans. The Bank may price loans to its customers at, above, or below the Prime Rate. Any change in the Prime Rate shall take effect at the opening of business of the day specified in the public announcement of a change in the Bank's Prime Rate. Rule means Rule 15c2-12 of the Securities and Exchange Commission under the Securities Exchange Act of 1934. Section 2. Findings. The City Council hereby finds that it is in the public interest for the City to renew and expand the existing revolving line of credit with the Bank (currently evidenced by the 1999 Bond), in an amount not to exceed $5,000,000, to refinance all outstanding balances under the 1999 Bond, to provide funds to pay the operating expenses of the -3- P\CMW\CMW54B 01/11/20