Ordinance 3405-14 - Laserfiche WebLink

ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF LIMITED TAX GENERAL OBLIGATION REFUNDING BONDS OF THE CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $36,500,000 TO PROVIDE FUNDS TO REFUND CERTAIN OUTSTANDING BONDS. WHEREAS, the City of Everett, Washington (the "City") now has outstanding its Variable Rate Demand Limited Tax General Obligation Bonds, 2001, issued pursuant to Ordinance No. 2557-01 under date of December 13, 2001, in the original principal amount of $13,000,000 (the "2001 City Bonds"), maturing on December 1, 2021; and WHEREAS, the 2001 City Bonds are callable for redemption in whole or in part on any interest payment date, at a price of par plus accrued interest to the date of redemption; and WHEREAS, the Everett Public Facilities District (the "District") was formed for the specific purpose of acquiring, constructing, owning, remodeling, maintaining, equipping, reequipping, repairing, financing, and operating (either directly or by contract) a multipurpose regional special events center (the "Events Center"); and WHEREAS, in order to finance a portion of the costs of the Events Center, the District issued and has outstanding its Project Revenue Bonds, Series 2007, issued under date of February 22, 2007, in the original principal amount of$27,425,000 (the "2007 District Bonds"), pursuant to Resolution Nos. 154-07 and 155-07, maturing on April 1, 2036; and WHEREAS, the 2007 District Bonds are callable for redemption in whole or in part at any time, at a price of par plus accrued interest to the date of redemption; and WHEREAS, after due consideration it appears to the City Council (the "Council") that the 2001 City Bonds and the 2007 District Bonds may be defeased and refunded by the proceeds of the bonds herein authorized in total principal amount of not to exceed $36,500,000 authorized herein (the "Bonds"); and