Ordinance 3173-10 - Laserfiche WebLink

Section 2. Authorization of the Project. The City plans to fund the surcharge and grade of the Riverfront Project building site at the old Everett landfill to protect the landfill cap and prepare it for construction and make other expenditures for the Riverfront Project (the "Project") and pay costs of issuance of the Bonds. A portion of the cost of the Project is expected to be paid from cash on hand in the Solid Waste Fund 402. The balance of the cost of the Project shall be paid from the Bonds hereinafter authorized. Section 3. Authorization of Bonds and Bond Details. For the purpose of paying the costs of the Project and paying costs of issuance, the City shall issue and sell its limited tax general obligation bonds (taxable) in the aggregate principal amount of not to exceed $10,500,000 (the "Bonds"). The Bonds shall be general obligations of the City, shall be designated "City of Everett, Washington, Limited Tax General Obligation Bonds, 2010 (Taxable)"; shall be dated as of their initial date of delivery; shall be fully registered as to both principal and interest; shall be in the denomination of $5,000 each, or any integral multiple thereof, provided that no Bond shall represent more than one maturity; shall be numbered separately in such manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification; and shall bear interest from their date, payable on June 1, 2010, and semiannually thereafter on the first days of each June and December at rates set forth in the Approved Bid, and shall mature on December 1 in the years and principal amounts set forth in the Approved Bid and as approved by the Chief Financial Officer pursuant to Section 11 of this ordinance. The Bonds of any of the maturities may be combined and issued as term bonds, subject to mandatory redemption as provided in the Notice of Sale for the Bonds and the Approved Bid. -5- P:\20287 CM1M20287 SRS 02/08/10