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t t t <br /> ' t t <br /> ORDINANCE NO. 1988-94 <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 $5,700,000 to refund certain outstanding <br /> limited tax general obligation bonds of the City; authorizing the <br /> appointment of a refunding trustee and the execution of an escrow <br /> agreement related to such refunding; providing the date, form and <br /> redemption provisions of said refunding bonds; providing for the <br /> disposition of the refunding bond proceeds; providing for the annual levy of <br /> taxes to pay the principal of and interest on the refunding bonds; and <br /> 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, 1988, issued under date of July 1, 1988, in the original <br /> principal amount of $8,250,000 (the "1988 Bonds"), of which $3,710,000 principal amount is <br /> callable for redemption in advance of the maturity thereof; and <br /> WHEREAS, Section 5 of Ordinance No. 1505-88 authorizing the issuance of the 1988 <br /> Bonds provides that the City may call such bonds for redemption on July 1, 1998, 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 Limited Tax Levy General Obligation <br /> Bonds, 1990 Series B, issued under date of October 1, 1990, in the original principal amount of <br /> $2,756,250 (the "1990B Bonds"), of which $1,230,000 is callable for redemption in advance of <br /> the maturity thereof; and <br /> WHEREAS, Section 5 of Ordinance No. 1740-90 authorizing the issuance of the 1990B <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, after due consideration it appears to the City Council of the City (the <br /> "Council")that the callable portions of the 1988 Bonds and 1990B Bonds may be refunded by the <br /> issuance and sale of the limited tax general obligation refunding bonds of the City authorized <br />