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Section 2. Authorization of the Project. The City is acquiring, constructing and <br /> equipping a public space building adjacent to the Everett Special Events Center and contributing <br /> funds to pay for certain public improvements and upgrades at the Everett Special Events Center <br /> (the "Project"). The public space building will be owned by the City. The construction of the <br /> Project and other details relating to Project management shall be set forth in an interlocal <br /> agreement between the City and the Everett Public Facilities District. $15,000,000 of the cost of <br /> the Project will come from the Improvement Bonds hereinafter authorized. <br /> Section 3. Authorization of Bonds and Bond Details. For the purpose of paying the <br /> costs of the Project and paying a proportionate share of the costs of issuance related thereto, <br /> including, but not limited to, the payment of the premium cost for a Bond Insurance Policy, if <br /> any, the City shall issue and sell its limited tax general obligation bonds in the aggregate <br /> principal amount of not to exceed$15,000,000 (the "Improvement Bonds"). <br /> For the purpose of refunding the Refunded Bonds and paying a proportionate share of the <br /> costs of issuance related thereto, including, but not limited to, the payment of the premium cost <br /> for a Bond Insurance Policy, if any, and thereby effecting a substantial savings to the City and its <br /> taxpayers, the City shall issue its limited tax general obligation refunding bonds in the aggregate <br /> principal amount of not to exceed$5,000,000 (the "Refunding Bonds"). <br /> The Improvement Bonds and the Refunding Bonds are sometimes herein collectively <br /> referred to as the "Bonds." <br /> The Bonds shall be general obligations of the City, shall be designated "City of Everett, <br /> Washington, Limited Tax General Obligation and Refunding Bonds, 2003"; shall be dated as of <br /> January 1, 2003; shall be fully registered as to both principal and interest; shall be in the <br /> denomination of $5,000 each, or any integral multiple thereof, provided that no Bond shall <br /> -9- P\CMW\CMW5IL 12/06/02 <br />