Ordinance 2690-03 - Laserfiche WebLink

WHEREAS, the 1993 Bonds maturing on and after July 1, 2004 (the "Refunded Bonds") may be redeemed at a price of 101% of par plus accrued interest to the date of redemption on July 1, 2003; and WHEREAS, it appears that the Refunded Bonds may now be refunded at lower interest rates, thereby yielding savings to the City's ratepayers; and WHEREAS, the City is authorized by RCW Ch. 39.53, as amended, to issue its refunding bonds to realize interest savings; and WHEREAS, it appears to the Council that it is in the best interest of the City that the Improvement Bonds and Refunding Bonds be sold in a single issue of water and sewer revenue and refunding bonds (hereinafter defined as the "Bonds"); and WHEREAS, Banc of America Securities LLC, Seattle, Washington, has submitted to the Council an offer to purchase the bonds authorized herein in accordance with the terms of this ordinance and this offer is acceptable to the Council; NOW, THEREFORE, the City of Everett does ordain, as follows: Section 1. Definitions. As used in this ordinance the following definitions shall apply unless a different meaning clearly appears from the context: Annual Debt Service means, with respect to any issue of Parity Bonds, the amount required in a given calendar year for the payment of the principal of and interest on such Parity Bonds, except interest to be paid from the proceeds of such Parity Bonds. In the event such Parity Bonds include Term Bonds, the words "principal of and interest on the Parity Bonds" shall be deemed to exclude from "principal" an amount of Term Bonds equal to the mandatory deposits of money into any Sinking Fund Account to provide for payment of the principal of such Term Bonds, and from "interest" the interest on such Term Bonds subsequent to the date of -3- P:\CMW\CMW5NP 04/22/03