Ordinance 2663-02 - Laserfiche WebLink

WHEREAS, as a result of changed market conditions, it appears that substantial debt service savings may be obtained by refunding the 1993 Refunded COPs and the 1993 Refunded Bonds (collectively, the "Refunded Bonds") through the issuance of limited tax general obligation refunding bonds of the City in the aggregate principal amount of not to exceed $5,000,000 (hereinafter defined as the "Refunding Bonds"); and WHEREAS, it appears to this Council that it is in the best interest of the City that the Improvement Bonds and the Refunding Bonds be combined into a single issue of general obligation and refunding bonds in the aggregate principal amount of not to exceed $20,000,000 (the "Bonds"); NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EVERETT DOES ORDAIN as follows: Section 1. Definitions. As used in this ordinance, the following words shall have the following meanings: Acquired Obligations means the Government Obligations acquired by the City under the terms of this ordinance and the Escrow Agreement to effect the defeasance and refunding of the Refunded Bonds. Beneficial Owner means any person that has or shares the power, directly or indirectly to make investment decisions concerning ownership of any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries). Bond Fund means the Bond Redemption Fund maintained pursuant to Section 11 of this ordinance. Bond Insurance Policy means the municipal bond insurance policy issued by the Insurer insuring the payment when due of the principal of and interest on the Bonds as provided therein. -3- P:\CMW\CMW5IL 12/06/02