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T i <br /> State its Water and Sewer Revenue Bond, 1992 (State Loan), in the principal amount of <br /> $8,885,304, under date of October 21, 1992 (the "1992 State Bond"); and <br /> WHEREAS, the City, pursuant to Ordinance No. 1963-93, passed on October 27, 1993, <br /> and Resolution No. 3858 of the City Council, adopted on October 27, 1993, issued and sold its <br /> $32,270,000 water and sewer revenue refunding bonds under date of November 1, 1993 (the <br /> "1993 Bonds"), which bonds are outstanding in the aggregate principal amount of$30,465,000; <br /> and <br /> WHEREAS, the ordinances authorizing the 1988 Bonds, the 1992 Bonds, the 1992 State <br /> Bond and the 1993 Bonds provide that additional water and sewer revenue bonds may be issued <br /> on a parity with such bonds if certain conditions are met; and <br /> WHEREAS, it appears to the City Council (the "Council") of the City that such conditions <br /> can be met and that it is in the best interests of the City and its inhabitants that the Bonds be <br /> issued on a parity with the outstanding water and sewer revenue bonds of the City; <br /> NOW, THEREFORE, the City of Everett does ordain: <br /> Section 1. Definitions. As used in this ordinance, the following words shall have the <br /> following meanings: <br /> "Annual Debt Service" means, with respect to any issue of Parity Bonds, the amount <br /> required in a given calendar year for the payment of the principal of and interest on such Parity <br /> Bonds, except interest to be paid from the proceeds of such Parity Bonds. In the event such <br /> Parity Bonds include Term Bonds, the words "principal of and interest on the Parity Bonds" shall <br /> be deemed to exclude from "principal" an amount of Term Bonds equal to the mandatory deposits <br /> of money into any Sinking Fund Account to provide for payment of the principal of such Term <br /> Bonds, and from "interest" the interest on such Term Bonds subsequent to the date of the <br /> respective deposits, and to include in lieu thereof all mandatory sinking fund deposits as of the <br /> date required and interest on the Term Bonds provided for by such deposits only to the dates of <br /> the respective deposits. <br /> -2- FWWOBU.DOC 97/03/04 <br />