Ordinance 1988-94 - Laserfiche WebLink

"Purchase Contract" means the contract for the sale of the Bonds between the City and Seattle-Northwest Securities Corporation approved pursuant to Section 17 of this ordinance. "Rebate Amount" means the amount, if any, determined to be payable with respect to the Bonds by the City to the United States of America in accordance with Section 148(f) of the Code. "Refunded Bonds" means the 1988 Refunded Bonds and the 1990B Refunded Bonds. "Refunding Trustee" means the bank or trust company appointed by the Finance Director pursuant to Section 13 hereof. SECTION 2. Purpose, Authorization and Description of Bonds. A. Purpose and Authorization of Bonds. The City shall now issue and sell the Bonds in the aggregate principal amount of $5,700,000 for the purpose of refunding the 1988 Refunded Bonds and the 1990B Refunded Bonds and paying the expenses incidental to the refunding and to the issuance of the Bonds. B. Description. The Bonds shall be designated "City of Everett, Washington, Limited Tax General Obligation Refunding Bonds, 1994 Series B." The Bonds shall be dated February 1, 1994, shall be fully registered as to both principal and interest, shall be in the denomination of $5,000 each or any integral multiple thereof (but no Bond shall represent more than one maturity), shall be numbered separately in such manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification. The Bonds shall bear interest (computed on the basis of a 360-day year of twelve 30-day months) from their date or from the most recent interest payment date to which interest has been paid or duly provided for, whichever is later, payable on July 1, 1994, and semiannually thereafter on the first days of each succeeding January 1 and July 1, to the maturity or earlier redemption of the Bonds, at the rates set forth below, and shall mature on July 1 in the years and in the amounts set forth below. -4- ooToeL.00c 94/01/19