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ORDINANCE NO. 2 2 0 8—9 7
<br /> AN ORDINANCE of the City of Everett, Washington, authorizing
<br /> the issuance and sale of water and sewer revenue bonds in the
<br /> principal amount of$6,085,000 to fund certain improvements to
<br /> the water and sewer system of the City; authorizing the
<br /> application and use of bond proceeds and other available money
<br /> of the City for such purposes; providing the covenants, terms and
<br /> conditions under which the bonds and future parity bonds shall be
<br /> issued; and authorizing the sale of the bonds.
<br /> WHEREAS, the City of Everett, Washington (the "City"), has heretofore, by Ordinance
<br /> No. 536-78, passed on August 9, 1978, combined its water supply and distribution and sewage
<br /> collection and treatment systems (collectively, the "System"); and
<br /> WHEREAS, it is in the best interest of the City and users of the System to make certain
<br /> capital improvements to the System, as described herein; and
<br /> WHEREAS, to provide funds to pay part of the costs of such improvements, it is deemed
<br /> necessary and advisable that the City now issue and sell its water and sewer revenue bonds in the
<br /> aggregate principal amount of $6,085,000 (the "Bonds"); and
<br /> WHEREAS, the City, pursuant to Ordinance No. 1433-88, passed on January 13, 1988,
<br /> issued and sold its $41,945,000 water and sewer revenue bonds under date of February 1, 1988
<br /> (the "1988 Bonds"), which bonds are outstanding in the aggregate principal amount of
<br /> $11,975,000; and
<br /> WHEREAS, the City, pursuant to Ordinance No. 1891-92, passed on September 23, 1992
<br /> and Resolution No. 3674 of the City Council, adopted on September 30, 1992, issued and sold its
<br /> $8,000,000 water and sewer revenue bonds under date of October 15, 1992 (the "1992 Bonds"),
<br /> which bonds are outstanding in the aggregate principal amount of$6,905,000; and
<br /> WHEREAS, the City, pursuant to Ordinance No. 1891-92, passed on September 23,
<br /> 1992, entered into that certain Amendment No. 2 to Washington State Water Pollution Control
<br /> State Revolving Fund (SRF) Loan Agreement between the State of Washington Department of
<br /> Ecology and the City, Loan No. SRF 90-004 (the "SRF Loan Agreement"), and issued to the
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