Ordinance 2737-03 - Laserfiche WebLink

2003 Note means the City of Everett, Washington, Limited Tax General Obligation Refunding Note, 2003, as further described in Section 3. 2009 Note means the City of Everett, Washington, Limited Tax General Obligation Note, 2004 (Revolving Line of Credit-Capital), as further described in Section 3. Section 2. Findings. The City Council hereby finds that it is in the public interest for the City to refund a portion of the outstanding principal balance of the 2002B Note) by the issuance of a refunding limited general obligation note in the principal amount of $3,000,000 (hereinafter further described as the "2003 Note"). In addition, the City wishes to establish a revolving line of credit by the issuance of a limited general obligation note in the principal amount of not to exceed $2,000,000 to provide funds to pay the costs of capital expenditures of the City that have been approved by the Council as part of the City's capital budget pending the receipt of other funds to pay such costs, including other tax exempt obligations that may be issued to provide long term financing for such capital expenditures and to pay costs of issuance (hereinafter further described as the "2004 Note"). Section 3. Purpose, Authorization and Description of Notes. (a) 2003 Note. For the purpose of refunding a portion of the outstanding principal amount of the 2002B Note, the City hereby authorizes the issuance of a limited general obligation refunding note in the aggregate principal amount of$3,000,000. The refunding note shall be designated as the "City of Everett, Washington, Limited Tax General Obligation Refunding Note, 2003" (the "2003 Note"), shall be fully registered as to both principal and interest, shall be dated as of its Delivery Date and shall mature on the Maturity Date. The 2003 Note shall bear interest on unpaid principal from its Delivery Date until repaid at a fully floating variable per annum rate equal to 52%of the Prime Rate. -4- P:\CMW\CMW634 03/12/08