Ordinance 2562-01 - Laserfiche WebLink

The City hereby irrevocably pledges that a sufficient portion of each annual levy to be levied and collected by the City prior to the full payment of the principal and interest on the Notes will be and is hereby irrevocably set aside, pledged and appropriated for the payment of the principal of and interest on the Notes. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of said taxes and for the prompt payment of the principal of and interest on the Notes as the same shall become due. Section 10. Form of Notes. The Notes shall be in substantially the following form: UNITED STATES OF AMERICA NO. $5,000,000 (or so much as has been drawn hereunder) STATE OF WASHINGTON CITY OF EVERETT LIMITED TAX GENERAL OBLIGATION NOTE, 2002A (REVOLVING LINE OF CREDIT-OPERATIONS) INTEREST RATE: Variable, as provided herein MATURITY DATE: ;0-3/(t A, 2003 REGISTERED OWNER: Bank of America N.A. 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 fAiiiewl, 2002. Interest shall be calculated on the basis of a year of 365/366 days and actual days elaed. The final payment of all outstanding principal of and interest on this note shall nevertheless be due on the Maturity Date identified above. -7-- P\CMW\CMW54B 01/11/20