Ordinance 2607-02 - Laserfiche WebLink

The applicable parity conditions set forth in Ordinance Nos. 1963-93 and 2208-97 having been complied with, the Bonds shall be issued on a parity of lien with the Outstanding Parity Bonds. The City hereby further covenants and agrees that the Bonds will not be issued and delivered to the purchasers thereof as bonds on a parity with the Outstanding Parity Bonds until the certificate required herein, in form and contents satisfactory to the City and its counsel, has been filed with the City. Section 3. Authorization of Bonds and Bond Details. (a) Authorization. The City shall now issue and sell $5,260,000 of water and sewer revenue refunding bonds (the "Bonds") for the purpose of providing the funds required to refund the Refunded Bonds and pay the costs of issuance of the Bonds. (b) Bond Details. The Bonds shall be designated as the "City of Everett, Washington Water and Sewer Revenue Refunding Bonds, 2002" (the "Bonds"); shall be dated as of June 1, 2002; shall be fully registered as to both principal and interest; shall be in the denomination of $5,000 each, or any integral multiple thereof, provided that no Bond shall represent more than one maturity; shall be numbered separately in such manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification; and shall bear interest from their date payable semiannually on the first days of each January and July, commencing on January 1, 2003, at the following per annum interest rates and shall mature on July 1 of the following years in the following principal amounts: -12- P'\CMW\CMW5BE 02/05/21