Ordinance 2663-02 - Laserfiche WebLink

Section 8 (Application of Bond Proceeds; Refunding Plan) authorizes the application of the Bond proceeds for capital projects and procedures for the payment of principal and interest on the Refunded Bonds and authorizes the appointment of an Escrow Agent. Section 9 (Call For Redemption of Refunded Bonds and Escrow Agreement) calls the Refunded Bonds for redemption and authorizes the Escrow Agreement. Section 10 (Tax Covenants) covenants that the City will not cause interest on the Bonds to become taxable. Section 11 (Bond Fund and Provision for Tax Levy Payments) provides for the Bond Fund for the payment of debt service on the Bonds and provides for tax levies, if needed, as required to pay such debt service. Section 12 (Defeasance) provides conditions under which the Bonds may be defeased. Section 13 (Designation of Refunded Bonds; Sale of Bonds) designates the bonds to be refunded and authorizes the sale of the Bonds to the Underwriter pursuant to the purchase offer to be approved by the Finance Director and authorizes the approval of the final the preliminary Official Statement. Section 14 (Bond Insurance) authorizes the Finance Director to solicit a commitment for bond insurance. Section 15 (Undertaking to Provide Ongoing Disclosure) provides an undertaking for disclosure as required by the Securities and Exchange Commission. Section 16 (Lost, Stolen or Destroyed Bonds) makes provision in case Bonds are lost, stolen or destroyed. Section 17 (Severability) provides that other covenants and agreements in the ordinance are not affected if one is made invalid. Section 18 (Effective Date) provides that the ordinance shall become effective immediately upon adoption. The full text of Ordinance No. will be mailed without cost to any party requesting it from: Debra Bryant Finance Director-Treasurer City of Everett 2930 Wetmore Everett, WA 98201 Phone: (425) 257-8700 Fax: (425) 257-8729 -2- P:\CMW\CMW5IL 12/06/02