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ORDINANCE NO. 2098-95 <br /> AN ORDINANCE of the City of Everett, Washington authorizing the issuance <br /> and sale of limited tax general obligation refunding bonds of the City in the <br /> aggregate principal amount of not to exceed $18,500,000 to refund certain <br /> outstanding limited tax general obligation bonds and lease obligations of <br /> the City; authorizing the appointment of a refunding trustee and the <br /> execution of an escrow agreement related to such refunding; providing the. <br /> date, form and redemption provisions of said refunding bonds; provid-lg <br /> for the disposition of the refunding bond proceeds; providing for the annual <br /> levy of taxes to pay the principal of and interest on the refunding bonds; <br /> and authorizing the sale of the refunding bonds. <br /> WHEREAS, the City of Everett, Washington (the "City") now has outstanding its Limited <br /> Tax Levy General Obligation Bonds, 1990A, issued under date of October 1, 1990, in the original <br /> principal amount of$5,384,000 (the "1990A Bonds"), of which $3,170,000 principal amount is <br /> callable for redemption in advance of the maturity thereof, and <br /> WHEREAS, Section 5 of Ordinance No. 1739-90 authorizing the issuance of the 1990A <br /> Bonds provides that the City may call such bonds for redemption on December 1, 2000, or on any <br /> interest payment date thereafter, at a price of par plus accrued interest to the date of redemption; <br /> and <br /> WHEREAS, the City now has outstanding its lease obligations (the "Lease Obligations") <br /> authorized by ordinance, prepayable on certain dates, and marketed under issues of Certificates of <br /> Participation, as follows: <br /> Date of Optional Prepayment Authorizing. Approving <br /> Lease Obligations Dates COP Series Ordinance Resolution <br /> April 23, 1991 April 1, 2001 1991A 1774-91 3541 <br /> October 1, 1991 October 1, 2001 1991C 1818-91 3538 <br /> May 31, 1992 March 1, 2002 1992A 1858-92 3605 <br /> WHEREAS, after due consideration it appears to the City Council of the City (the <br /> "Council") that the callable portion of the 1990A Bonds and the City's lease payment obligations <br /> set forth above may be refunded by the issuance and sale of the limited tax general obligation <br /> refunding bonds of the City authorized herein so that a substantial savings to the City and its <br />