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I) <br /> - J <br /> ORDINANCE NO. <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF WATER <br /> AND SEWER REVENUE AND REFUNDING BONDS OF THE <br /> CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED <br /> $42,000,000 FOR THE PURPOSE OF ACQUIRING, <br /> CONSTRUCTING AND INSTALLING CERTAIN ADDITIONS <br /> AND BETTERMENTS TO AND EXTENSIONS OF THE <br /> CITY'S WATER AND SEWER SYSTEM; AND REFUNDING <br /> CERTAIN OUTSTANDING REVENUE BONDS OF THE CITY. <br /> WHEREAS, the City of Everett, Washington (the "City") now owns and operates a <br /> combined system of water supply and distribution and sewage treatment and disposal (the <br /> "System") which is in need of additions, improvements and betterments; and <br /> WHEREAS, the City is authorized to issue revenue bonds for the purpose of paying the <br /> cost of additions, improvements and betterments to the System; and <br /> WHEREAS, to provide funds to pay part of the costs of such improvements, it is deemed <br /> necessary and advisable that the City now issue and sell its water and sewer revenue bonds (the <br /> "Improvement Bonds"); and <br /> WHEREAS, the City has outstanding its water and sewer revenue bonds payable from <br /> revenues of the System as follows: <br /> 0 <br />