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,7•/ /rm:"1 <br /> ORDINANCE NO. 3291-12 <br /> AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE <br /> OF LIMITED TAX GENERAL OBLIGATION REFUNDING <br /> BONDS OF THE CITY IN THE PRINCIPAL AMOUNT OF <br /> NOT TO EXCEED $15,000,000 TO PROVIDE FUNDS TO <br /> REFUND CERTAIN OUTSTANDING GENERAL <br /> OBLIGATION BONDS OF THE CITY. <br /> WHEREAS, the City of Everett, Washington (the "City") now has outstanding its <br /> Limited Tax General Obligation and Refunding Bonds, 2003, issued pursuant to Ordinance <br /> No. 2663-02 under date of January 1, 2003, in the original principal amount of$19,200,000 (the <br /> "2003 Bonds"), maturing in principal amounts and bearing interest as follows: <br /> Maturity Years Principal <br /> (December 1) Amounts Interest Rates <br /> 2012 $ 350,000 4.000% <br /> 2013 600,000 4.000 <br /> 2014 600,000 4.500 <br /> 2015 750,000 4.500 <br /> 2016 500,000 4.625 <br /> 2017 500,000 4.625 <br /> 2018 600,000 4.500 <br /> 2019 800,000 4.625 <br /> 2020 2,000,000 5.000 <br /> 2021 2,500,000 5.000 <br /> 2022 2,000,000 5.000 <br /> 2027 3,600,000 5.000 <br /> WHEREAS, the 2003 Bonds maturing on and after December 1, 2013 (the "Refunded <br /> Bonds") are callable for redemption at any time on or after December 1, 2012, in whole or in <br /> part, at a price of par plus accrued interest to the date of redemption; and <br /> WHEREAS, as a result of changed market conditions, it appears that substantial debt <br /> service savings may be obtained by refunding the Refunded Bonds through the issuance of <br />