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CITY OF EVERETT <br /> Summary of Ordinance No. passed December 11, 2002 <br /> AN ORDINANCE OF THE CITY OF EVERETT, WASHINGTON, <br /> PROVIDING FOR THE ISSUANCE AND SALE OF LIMITED <br /> TAX GENERAL OBLIGATION AND REFUNDING BONDS <br /> OF THE CITY IN THE PRINCIPAL AMOUNT OF NOT TO <br /> EXCEED $20,000,000 TO PROVIDE FUNDS FOR VARIOUS <br /> CAPITAL PURPOSES, TO REFUND CERTAIN <br /> OUTSTANDING CERTIFICATES OF PARTICIPATION AND <br /> LIMITED TAX GENERAL OBLIGATION BONDS OF THE <br /> CITY AND TO PAY COSTS OF ISSUANCE ON THE <br /> BONDS; PROVIDING FOR THE DISPOSITION OF BOND <br /> PROCEEDS; AUTHORIZING THE APPOINTMENT OF AN <br /> ESCROW AGENT AND THE EXECUTION OF AN ESCROW <br /> AGREEMENT RELATED TO SUCH REFUNDING; <br /> PROVIDING THE FORM AND TERMS OF SAID BONDS; <br /> AUTHORIZING A PRELIMINARY OFFICIAL STATEMENT; <br /> PROVIDING FOR THE DISPOSITION OF THE PROCEEDS <br /> OF SALE; AND DELEGATING AUTHORITY TO APPROVE <br /> THE FINAL TERMS OF SAID BONDS. <br /> Section 1 (Definitions) defines certain capitalized terms used in the Ordinance. <br /> Section 2 (Authorization of Project) authorizes the undertaking of the capital projects to <br /> be paid from a portion of the proceeds of the Bonds. <br /> Section 3 (Authorization of Bonds and Bond Details) authorizes the City's Limited Tax <br /> General Obligation and Refunding Bonds, 2003" in the aggregate amount of not to exceed <br /> $20,000,000 (the "Bonds") to provide funds to pay the costs of capital projects and to refund <br /> certain outstanding certificates of participation and general obligation bonds of the City (the <br /> "Refunded Bonds"), and provides details regarding maturities and interests rates. <br /> Section 4 (Registration, Exchange and Payments) adopts a system of registration and <br /> exchange for the Bonds and describes the arrangements for paying principal of and interest on the <br /> Bonds. <br /> Section 5 (Redemption Prior to Maturity and Purchase of Bonds) provides details <br /> regarding redemption of the Bonds prior to their scheduled maturity. <br /> Section 6 (Form of Bonds) describes the form of the Bonds. <br /> Section 7 (Execution of Bonds) authorizes procedures for execution and authentication of <br /> the Bonds. <br />