Ordinance 3405-14 - Laserfiche WebLink

for convenience of reference and shall not constitute a part of this ordinance, nor shall they affect its meaning, construction or effect; and (e) All references herein to "articles," "sections" and other subdivisions or clauses are to the corresponding articles, sections, subdivisions or clauses hereof. ARTICLE II THE BONDS Section 2.01. Authorization of Bonds. For the purpose of refunding the Refunded Bonds and paying costs of issuance, the City shall issue and sell its limited tax general obligation refunding bonds in the aggregate principal amount of not to exceed $36,500,000 (the "Bonds"). The Bonds shall be general obligations of the City, shall be designated "City of Everett, Washington, Limited Tax General Obligation Refunding Bonds, 2014"; shall be dated as of the Closing Date; shall be fully registered as to both principal and interest; and shall be issued only in Authorized Denominations. Section 2.02. Terms of the Bonds. The Bonds may be issued initially only as fully registered Bonds without coupons. The Bonds shall be initially issued in the form of Index Floating Rate Bonds. The Bonds shall be dated the Closing Date. The Bonds shall mature (subject to prior redemption) on the Maturity Date and interest thereon shall be payable on each Interest Payment Date. Registered ownership of the Bonds, or any portion thereof, may not thereafter be transferred except as set forth in Section 2.03. Interest shall be calculated on the basis of (a) with respect to Variable Rate Bonds and Short-Term Rate Bonds, a 365- or 366-day year, as applicable, for the number of days actually elapsed, (b) with respect to Index Floating Rate Bonds bearing interest at the LIBOR Index Rate, a 360-day year for the actual days elapsed (calculated by multiplying the Outstanding principal amount by the interest rate, dividing that sum by 360, and multiplying that amount by the actual -23- P\20287 CM1M20287 AMT 10/14/14