2009/04/15 Council Agenda Packet

available funds for paying the cost of those improvements for which the Bonds were approved, deemed by the Council most necessary and to the best interest of the City. The City shall acquire by purchase, lease or condemnation, all property, both real and personal, or any interest therein, or rights-of-way and easements that may be found necessary to acquire, construct and install the Projects. Section 4. Authorization of Bonds and Bond Details. (a) Improvement Bonds. For the purpose of paying costs of the Projects, funding the Reserve Requirement and paying a proportionate share of the costs of issuance related thereto, the City shall issue its Improvement Bonds. (b) Refunding Bonds. For the purpose of refunding the 1997 Bonds, funding the Reserve Requirement and paying a proportionate share of the costs of issuance related thereto, and thereby effecting a substantial savings to the City and its ratepayers, the City shall issue its water and sewer refunding bonds (the "Refunding Bonds"). The Improvement Bonds and the Refunding Bonds may, at the option of the Chief Financial Officer, be combined and sold as a single series or may be sold as separate series. Whenever the term "Bonds" is used in this ordinance, the term shall include both the Improvement Bonds and the Refunding Bonds. (c) Bond Details. The Bonds shall be issued as a single or separate series to be designated as the City of Everett, Washington, Water and Sewer Revenue and Refunding Bonds, 2009[A][B], shall be dated as of their date of delivery; shall be fully registered as to both principal and interest; shall be'in the denomination of $5,000 each, or any integral multiple thereof, provided that no Bond shall represent more than one series and maturity; shall be numbered separately in such manner and with any additional designation as the Registrar deems necessary for purposes of identification; and shall bear interest from their date payable on the b -24- P:120287 CMWQ0287_880 03/25/09