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ORDINANCE NO. 2690-03 <br /> AN ORDINANCE OF THE CITY OF EVERETT, WASHINGTON, <br /> AUTHORIZING THE ISSUANCE OF WATER AND SEWER <br /> REVENUE AND REFUNDING BONDS OF THE CITY IN THE <br /> PRINCIPAL AMOUNT OF NOT TO EXCEED $65,000,000 FOR <br /> THE PURPOSE OF REFUNDING CERTAIN OUTSTANDING <br /> WATER AND SEWER REVENUE BONDS AND FOR THE <br /> PURPOSE OF PAYING THE COST OF ACQUIRING, <br /> CONSTRUCTING AND INSTALLING CERTAIN ADDITIONS <br /> AND BETTERMENTS TO AND EXTENSIONS OF THE <br /> CITY'S WATER AND SEWER SYSTEMS; ESTABLISHING <br /> CERTAIN COVENANTS; RESERVING THE RIGHT TO ISSUE <br /> REVENUE BONDS ON A PARITY WITH THE BONDS <br /> HEREIN AUTHORIZED UPON COMPLIANCE WITH <br /> CERTAIN CONDITIONS; AUTHORIZING THE <br /> APPOINTMENT OF AN ESCROW AGENT AND THE <br /> EXECUTION OF AN ESCROW AGREEMENT RELATED TO <br /> SUCH REFUNDING; PROVIDING THE FORM AND TERMS <br /> OF SAID BONDS; AUTHORIZING A PRELIMINARY <br /> OFFICIAL STATEMENT; PROVIDING FOR THE <br /> DISPOSITION OF THE PROCEEDS OF SALE; APPROVING <br /> AN AGREEMENT FOR ONGOING DISCLOSURE AND <br /> DELEGATING AUTHORITY TO APPROVE THE FINAL <br /> TERMS OF SAID BONDS. <br /> WHEREAS, the City of Everett, Washington (the "City") now owns and operates a <br /> combined water and sewer system (the "System"); and <br /> WHEREAS, the City is authorized to issue revenue bonds for the purpose of paying the <br /> cost of additions, improvements and betterments to the System("Improvement Bonds"); and <br /> WHEREAS, the City has outstanding its sewer revenue bonds payable from revenues of <br /> the System as follows: <br />