Ordinance 2737-03 - Laserfiche WebLink

Section 10. Form of Notes. The 2003 Note and its Certificate of Authentication shall be in substantially the following form: UNITED STATES OF AMERICA NO. $3,000,000 STATE OF WASHINGTON CITY OF EVERETT LIMITED TAX GENERAL OBLIGATION REFUNDING NOTE, 2003 INTEREST RATE: Variable, as provided herein MATURITY DATE: December 31, 2005 REGISTERED OWNER: Bank of America,N.A. PRINCIPAL AMOUNT: THREE MILLION AND NO/100 DOLLARS The City of Everett, Washington, a municipal corporation organized and existing under and by virtue of the laws and Constitution of the State of Washington, (the "City"), hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner identified above, or registered assigns, on the Maturity Date identified above, the Principal Amount (or so much as remains outstanding hereunder). This note shall bear interest on unpaid principal from the date hereof at a fully floating variable rate equal to 52% of the Prime Rate, payable on the first day of each month, commencing on February 1, 2004. Interest shall be calculated on the basis of a year of 365/366 days and actual days elapsed. The final payment of all outstanding principal of and interest on this note shall nevertheless be due on the Maturity Date identified above. If any principal or interest of this note is not paid when due, all outstanding principal of this note shall commence to accrue interest, until repaid, at a fully floating variable per annum rate equal to the Prime Rate. Both principal of and interest on this note are payable in lawful money of the United States of America. Interest on this note shall be paid by electronic funds transfer on the date such interest is due to the Bank. The final payment of all principal of and interest on this note shall be paid on the Maturity Date upon presentation and delivery of this note to the Finance Director of the City, as Note Registrar, for cancellation and surrender. This note is issued pursuant to Ordinance No. -03 of the City (the "Note Ordinance"), passed by the City Council on December 3, 2003, for the purpose of refunding an outstanding note of the City. Capitalized terms used in this note and not otherwise defined shall have the meanings given them in the Note Ordinance. The City may prepay all or a portion of this note at any time without penalty. -8- P:1CMW\CMW634 03/12/08