Ordinance 3405-14 - Laserfiche WebLink

payment, is legal tender for the payment of public or private debts. The principal or redemption price of this bond (or of a portion of this bond, in the case of a partial redemption) is payable to the Registered Owner hereof in immediately available funds or next day funds, depending on the applicable Interest Rate Mode and the instructions of the registered owner upon presentation and surrender hereof at the office of the fiscal agent of the State of Washington (the "Bond Registrar"). Both principal of and interest on this bond shall be paid as provided in the Blanket Issuer Letter of Representations (the "Letter of Representations") from the City to The Depository Trust Company ("DTC"). Capitalized terms used in this bond have the meanings given such terms in Ordinance No. of the City Council passed on October 8, 2014 (the "Bond Ordinance"). Interest on this bond shall accrue at Variable Rates, Short-Term Rates, Index Floating Interest Rates, Long-Term Rates or Fixed Rates, payable on Interest Payment Dates, all as provided in the Bond Ordinance. This bond is one of a series of bonds of the City in the aggregate principal amount of $ , of like date, tenor and effect, except as to number and amount and is issued pursuant to the Bond Ordinance to refund certain outstanding bond obligations and to pay costs of issuance. This bond, if in the Variable Rate Period, the Short-Term Rate Period, the Long-Term Rate Period or the Index Floating Rate Period shall be purchased as provided in the Bond Ordinance. Capitalized terms used in this bond have the meanings given such terms in the Bond Ordinance. This bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Ordinance until the Certificate of Authentication hereon shall have been manually signed by or on behalf of the Bond Registrar or its duly designated agent. The City hereby irrevocably covenants and agrees for as long as any of this bond is outstanding and unpaid that each year it will include in its budget and levy an ad valorem tax upon all the property within the City subject to taxation in an amount that will be sufficient, together with all other revenues and money of the City legally available for such purposes, to pay the principal of and interest on this bond as the same shall become due. The City hereby irrevocably pledges that the annual tax provided for herein to be levied for the payment of such principal and interest shall be within and as a part of the tax levy permitted to cities without a vote of the people, and that a sufficient portion of each annual levy to be levied and collected by the City prior to the full payment of the principal of and interest on this bond will be and is hereby irrevocably set aside, pledged and appropriated for the payment of the principal of and interest on this bond. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of said taxes and for the prompt payment of the principal of and interest on this bond as the same shall become due. The pledge of tax levies for payment of principal of and interest on the bonds may be discharged prior to maturity of the bonds by making provision for the payment thereof on the terms and conditions set forth in the Bond Ordinance. -91- P 120287 CMW120287 AMT 10/14/14