Ordinance 2690-03 - Laserfiche WebLink

Bond Insurance Policy means the municipal bond insurance policy issued by the Insurer insuring the payment when due of the principal of and interest on the Bonds as provided therein. Bond Purchase Contract means the purchase contract for the Bonds between the City and the Underwriter entered into pursuant to the terms of Section 17 of this ordinance. Bonds means the water and sewer revenue and refunding bonds of the City, in the principal amount of not to exceed $65,000,000, issued pursuant to this ordinance to refund the Refunded Bonds. Bond Register means the books or records maintained by the Bond Registrar containing the name and mailing address of the owner of e ach B and or nominee o f such owner and the principal amount and number of Bonds held by each owner or nominee. Bond Registrar means the fiscal agency of the State of Washington for the purposes of registering and authenticating the Bonds, m aintaining the Bond Register, e ffecting transfer o f ownership of the Bonds, and paying the principal of, premium, if any, and interest on the Bonds. City means the City of Everett, a municipal corporation duly organized and existing under the laws of the State of Washington. Code means the federal Internal Revenue Code of 1986, as amended, and applicable regulations. Commission means the Securities and Exchange Commission. Common Reserve Requirement means the least of(a) Maximum Annual Debt Service on all outstanding Parity Bonds, (b) 1.25 times Average Annual Debt Service on all outstanding Parity Bonds, or(c) 10% of the net proceeds of all outstanding Parity Bonds. Costs of Maintenance and Operation means all necessary operating expenses, current maintenance expenses, expenses of reasonable upkeep and repairs, and insurance and -5- P:\CMW\CMW5NP 04/22/03