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ORDINANCE NO. 1987-94 <br /> AN ORDINANCE of the City of Everett, Washington authorizing the issuance <br /> and sale of unlimited tax general obligation refunding bonds of the City in <br /> the aggregate principal amount of$6,385,000 to refund certain outstanding <br /> unlimited 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 <br /> Unlimited Tax Levy General Obligation Bonds, 1988, issued under date of July 1, 1988, in the <br /> original principal amount of $6,600,000 (the "1988 Bonds"), of which $4,400,000 principal <br /> amount is callable for redemption in advance of the maturity thereof; and <br /> WHEREAS, Section 5 of Ordinance No. 1504-88 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 Unlimited Tax General Obligation Bonds, <br /> 1982, issued under date of December 1, 1982, in the original principal amount of$2,000,000 (the <br /> "1982 Bonds"), of which $1,175,000 is callable for redemption in advance of the maturity thereof; <br /> and <br /> WHEREAS, Section 1 of Ordinance No. 902-82 authorizing the issuance of the 1982 <br /> Bonds provides that the City may call such bonds for redemption on December 1, 1995, 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 1982 Bonds may be refunded by the <br />