Ordinance 2690-03 - Laserfiche WebLink

proportionate share of the costs of issuance, the City shall issue and sell its limited tax general obligation bonds in the aggregate principal amount of$45,000,000 (the"Improvement Bonds"). For the purpose of refunding the Refunded Bonds and thereby effecting a savings to the City, funding a portion of the Common Reserve Requirement and paying a proportionate share of the costs of issuance of the Bonds, the City shall issue its limited tax general obligation refunding bonds in the aggregate principal amount of not to exceed $20,000,000 (the "Refunding Bonds"). The Improvement Bonds and the Refunding Bonds are sometimes herein collectively referred to as the "Bonds." (c) Bond Details. The City shall now issue and sell the Bonds in the combined aggregate amount of not to exceed $65,000,000. The Bonds shall be designated as the "City of Everett, Washington Water and Sewer Revenue and Refunding Bonds, 2003" (the "Bonds"); shall be dated as of May 15, 2003; shall be fully registered as to both principal and interest; shall be in the denomination of$5,000 each, or any integral multiple thereof, provided that no Bond shall represent more than one maturity; shall be numbered separately in such manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification; and shall bear interest from their date payable semiannually on the first days of each January and July, commencing on July 1, 2003, and shall mature on July 1 in the years and principal amounts set forth and approved in the Bond Purchase Contract executed by the Finance Director pursuant to Section 17 of this ordinance. The Bonds shall be obligations only of the Revenue Bond Fund and shall be payable and secured as provided herein. The Bonds shall not be general obligations of the City. -16- P:\CMW\CMW5NP 04/22/03