Ordinance 3173-10 - Laserfiche WebLink

ORDINANCE NO. 317 3-10 AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF LIMITED TAX GENERAL OBLIGATION BONDS (TAXABLE) OF THE CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $10,500,000 TO PROVIDE FUNDS TO PAY CERTAIN ENVIRONMENTAL REMEDIATION COSTS AS PART OF THE RIVERFRONT PROJECT , AND PAY FOR COSTS OF ISSUANCE OF THE BONDS. WHEREAS, the best interests of the inhabitants of the City of Everett, Washington (the "City") require that the City fund the surcharge and grade of the Riverfront Project building site (the "Project"); and WHEREAS, the City is authorized by RCW chs. 35.22 and 39.46 to borrow money and issue general obligation bonds to finance the costs of the Project; and WHEREAS, it is in the best interest of the City to issue limited tax general obligation bonds (taxable) in the aggregate principal amount of not to exceed $10,500,000 (the "Bonds") in order to obtain long term financing for the Project; and WHEREAS, the Bonds authorized herein shall be sold pursuant to a competitive sale as herein provided; NOW, THEREFORE, the City of Everett does ordain, as follows: Section 1. Definitions and Interpretation of Terms. (a) Definitions. As used in this ordinance, the following words shall have the following meanings: Approved Bid means the winning bid submitted for the Bonds. Beneficial Owner means any person that has or shares the power, directly or indirectly to make investment decisions concerning ownership of any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries).