Ordinance 1988-94 - Laserfiche WebLink

i K , c e herein so that a substantial savings to the City and its taxpayers will be effected by the issuance of such refunding bonds and the payment and redemption of the callable portion of the 1988 Bonds on July 1, 1998 and the callable portion of the 1990B Bonds on December 1, 2000; and WHEREAS, in order to effect such refunding in the manner that will be most advantageous to the City and its taxpayers, it is hereby found necessary and advisable that a refunding trustee be appointed and that certain "Acquired Obligations" (hereinafter identified) be purchased out of the proceeds of sale of the refunding bonds [and certain moneys of the City]; and WHEREAS, the City has received an offer from Seattle-Northwest Securities Corporation to purchase the bonds authorized herein; NOW, THEREFORE, the City of Everett does ordain, as follows: SECTION 1. Definitions The following words and terms as used in this ordinance shall have the following meanings for all purposes of this ordinance, unless some other meaning is plainly intended. "Acquired Obligations" means the obligations acquired pursuant to Section 13 hereof to refund the Refunded Bonds. "Advance Refunding Account" means the City of Everett 1994 Limited Tax General Obligation Bond Advance Refunding Account established by Section 13 hereof. "AMBAC Indemnity" means AMBAC Indemnity Corporation, a Wisconsin-domiciled stock insurance company. "Arbitrage and Tax Certification" means the certificate executed by the City pertaining to the calculation and payment of any Rebate Amount with respect to the Bonds. "Bond Fund" means the "Limited Tax General Obligation Refunding Bond Redemption Fund, 1994" established pursuant to Section 9 hereof. "Bond Register" means the registration books maintained by the Bond Registrar for purposes of identifying ownership of the Bonds. -2- ooro&.00c 61/01/18