Ordinance 2607-02 - Laserfiche WebLink

WHEREAS, it appears that the Refunded Bonds may now be refunded at lower interest rates,thereby yielding savings to the City's ratepayers; and WHEREAS,the City is authorized by RCW Ch. 39.53, as amended, to issue its refunding bonds to realize interest savings; and WHEREAS, Banc of America Securities LLC, Seattle, Washington, has submitted to the Council an offer to purchase the bonds authorized herein in accordance with the terms of this ordinance and this offer is acceptable to the Council; NOW, THEREFORE, the City of Everett does ordain, as follows: Section 1. Definitions. As used in this ordinance the following definitions shall apply unless a different meaning clearly appears from the context: Annual Debt Service means, with respect to any issue of Parity Bonds, the amount required in a given calendar year for the payment of the principal of and interest on such Parity Bonds, except interest to be paid from the proceeds of such Parity Bonds. In the event such Parity Bonds include Term Bonds, the words "principal of and interest on the Parity Bonds" shall be deemed to exclude from "principal" an amount of Term Bonds equal to the mandatory deposits of money into any Sinking Fund Account to provide for payment of the principal of such Term Bonds, and from "interest" the interest on such Term Bonds subsequent to the date of the respective deposits, and to include in lieu thereof all mandatory sinking fund deposits as of the date required and interest on the Term Bonds provided for by such deposits only to the dates of the respective deposits. Assessments means any assessments levied in any utility local improvement district of the City created for the acquisition or construction of additions and improvements to and extensions of the System, if such assessments are pledged to be paid into the Revenue Bond -2- P\CMIMCMW5BE 02/05/21