Ordinance 2208-97 - Laserfiche WebLink

Section 16.A(5) of Ordinance No. 1433-88, Section 16.A(5) of Ordinance No. 1891-92 and Section 14.A(5) of Ordinance No. 1963-93; That the Bonds shall be payable out of the Revenue Bond Fund, and that the Reserve Account requirements in Ordinance Nos. 1433-88, 1891-92 and 1963-93 are met by the terms and conditions of this ordinance; That the requirements of Section 16.A(2) of Ordinance No. 1433-88, Section 16.A(2) of Ordinance No. 1891-92, and Section 14.A(2) of Ordinance No. 1963-93, are met by the terms and conditions of this ordinance. The applicable requirements contained of Ordinance Nos. 1433-88, 1891-92, and 1963-93 having been complied with, the Bonds shall be issued on a parity of lien with the 1988 Bonds, the 1992 Bonds, the 1992 State Bond and the 1993 Bonds. Section 4. Issuance of the Bonds. The City shall issue and sell the Bonds in the aggregate principal amount of$6,085,000 to provide funds to pay a portion of the costs of the Project and to pay the expenses incidental to the issuance of the Bonds. The Bonds shall be dated March 1, 1997, shall bear interest payable July 1, 1997, and semiannually thereafter on the first days of each succeeding January and July, and shall mature on July 1 in the years and amounts, and bear interest at the rates set forth below: Maturity Principal Interest (July) Amount Rate 2008 $ 1,925,000 5.0% 2009 2,025,000 5.1 2010 2,135,000 5.2 The Bonds shall be sold as a single issue designated "City of Everett, Washington, Water and Sewer Revenue Bonds, Series 1997"; 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 fully registered as to both principal and interest; and shall be numbered separately in the manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification. -11- FWWOBU.DOC 97/03/04