Ordinance 2737-03 - Laserfiche WebLink

ORDINANCE NO. 2737 -03 AN ORDINANCE of the City of Everett, Washington, providing for the issuance and sale of a 2003 limited tax general obligation refunding note in the principal amount of$3,000,000; authorizing the issuance and sale of a 2004 limited tax general obligation note in the aggregate principal amount of$2,000,000 for the purpose of establishing a revolving line of credit to provide funds to finance capital expenditures of the City from time to time pending receipt of the proceeds of other obligations and to pay the cost of issuing such notes; providing the dates, forms, and repayment terms of the notes; providing for the annual levy of taxes to pay the principal of and interest on the notes; authorizing the sale of the notes; and amending Section 2 of Ordinance No. 2663-02 to allow, if sufficient, proceeds from the City's 2003 Limited Tax General Obligation and Refunding Bonds to be used for general capital purposes for the City. WHEREAS, the City Council (the "Council") of the City of Everett, Washington (the "City"), currently maintains a line of credit with Bank of America, N.A. for the purpose of obtaining funds from time to time as needed to pay operating expenses pending the receipt of revenues and to pay capital expenditures that have been approved by the Council as part of the City's capital budget process; and WHEREAS, the City has determined to issue a short term refunding note to refinance a portion of the capital costs previously financed under the existing line of credit; and WHEREAS, the City has determined that it needs to establish and maintain a revolving line of credit for the purpose of paying the costs of capital expenditures pending the issuance of long term obligations or refunding obligations of the City; and WHEREAS, the City is authorized, pursuant to RCW 39.46.050, to establish the line of credit with a qualified public depositary; and WHEREAS, the City has received the offer of Bank of America, N.A., Seattle, Washington (the "Bank"), under terms and conditions deemed acceptable to this Council;