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Authorizing Bond Date <br />Ordinance Designation of Bonds <br />Ordinance No. 2208-97 <br />Ordinance No. 2607-02 <br />Ordinance No. 2690-03 <br />Water and Sewer <br />Revenue Bonds, <br />Series 1997 <br />("1997 Bonds") <br />Water and Sewer <br />Revenue Refunding <br />Bonds, 2002 <br />("2002 Bonds") <br />Water and Sewer <br />Revenue and <br />Refunding Bonds, <br />2003 <br />(collectively, the "Outstanding Parity Bonds"); and <br />March 1, 1997 <br />June 1, 2002 <br />May 15, 2003 <br />Principal Amount <br />Outstanding <br />(9/1/05) <br />$ 6,085,000 <br />50,310,000 <br />WHEREAS, the ordinances authorizing the Outstanding Parity Bonds provide that <br />additional water and sewer revenue bonds may be issued on a parity with such bonds if certain <br />conditions are met; and <br />WHEREAS, it appears to the City Council (the "Council") of the City that such <br />conditions can be met and that it is in the best interests of the City and its inhabitants that the <br />Bonds be issued on a parity with the outstanding water and sewer revenue bonds of the City; <br />WHEREAS, Banc of America Securities LLC, Seattle, Washington, has submitted to the <br />Council an offer to purchase the bonds authorized herein in accordance with the terms of this <br />ordinance and this offer is acceptable to the Council; <br />NOW, THEREFORE, the City of Everett does ordain, as follows: <br />Section 1. Definitions. As used in this ordinance the following definitions shall apply <br />unless a different meaning clearly appears from the context: <br />Annual Debt Service means, with respect to any issue of Parity Bonds, the amount <br />required in a given calendar year for the payment of the principal of and interest on such Parity <br />-2- P:\CMW\CMW6WH 09/06/05 <br />