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ORDINANCE NO. 9,S70-o6- <br />AN <br />870-off <br />AN ORDINANCE OF THE CITY OF EVERETT, WASHINGTON, <br />AUTHORIZING THE ISSUANCE OF WATER AND SEWER <br />REVENUE BONDS OF THE CITY IN THE PRINCIPAL <br />AMOUNT OF NOT TO EXCEED $35,000,000 FOR THE <br />PURPOSE OF PAYING THE COST OF ACQUIRING, <br />CONSTRUCTING AND INSTALLING CERTAIN ADDITIONS <br />AND BETTERMENTS TO AND EXTENSIONS OF THE <br />CITY'S WATER AND SEWER SYSTEM; ESTABLISHING <br />CERTAIN COVENANTS; RESERVING THE RIGHT TO ISSUE <br />REVENUE BONDS ON A PARITY WITH THE BONDS <br />HEREIN AUTHORIZED UPON COMPLIANCE WITH <br />CERTAIN CONDITIONS; PROVIDING THE FORM AND <br />TERMS OF SAID BONDS; AUTHORIZING A PRELIMINARY <br />OFFICIAL STATEMENT; PROVIDING FOR THE <br />DISPOSITION OF THE PROCEEDS OF SALE; APPROVING <br />AN AGREEMENT FOR ONGOING DISCLOSURE AND <br />DELEGATING AUTHORITY TO APPROVE THE FINAL <br />TERMS OF SAID BONDS. <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 in the <br />aggregate principal amount of not to exceed $35,000,000 (the "Bonds"); and <br />WHEREAS, the City has outstanding its water and sewer revenue bonds payable from <br />revenues of the System as follows: <br />