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• <br /> ORDINANCE NO. /9(3'93 <br /> AN ORDINANCE of the City of Everett, Washington, authorizing the issuance <br /> and sale of water and sewer revenue refunding bonds in the principal amount <br /> of not to exceed $34,000,000 to refund certain of the Water and Sewer <br /> Revenue and Refunding Bonds, 1988, of the City; authorizing the application <br /> and use of bond proceeds and other available moneys of the City for the <br /> acquisition and safekeeping of certain Acquired Obligations for the purpose of <br /> accomplishing such refunding; authorizing the execution of an agreement with <br /> a refunding trustee for the bonds to be refunded; providing the covenants, <br /> terms and conditions under which the bonds and future parity bonds shall be <br /> issued; and providing for the sale of the bonds. <br /> WHEREAS, the City of Everett, Washington (the "City"), has heretofore, by Ordinance <br /> No. 536-78, passed on August 9, 1978, combined its water supply and distribution and sewage <br /> collection and treatment systems; and <br /> WHEREAS, the City, pursuant to Ordinance No. 1433-88, passed on January 13, 1988, <br /> issued and sold its $41,945,000 water and sewer revenue and refunding bonds under date of <br /> February 1, 1988 (the "1988 Bonds"), which bonds are outstanding in the aggregate principal <br /> amount of$41,945,000; and <br /> WHEREAS, after due consideration it appears to the City Council of the City that the <br /> outstanding 1988 Bonds designated as Project Bonds by Ordinance No. 1433-88 and maturing on <br /> and after July 1, 1999 (the "Refunded 1988 Bonds"), may be refunded in advance of their stated <br /> maturity dates by the issuance of water and sewer revenue refunding bonds in the aggregate <br /> principal amount of not to exceed $34,000,000 (the "1993 Bonds") and by the use of other <br /> available moneys of the City to purchase certain "Government Obligations" (as such obligations <br /> are now or may hereafter be defined in Chapter 39.53 RCW) and to provide the necessary <br /> beginning cash balances, such cash and obligations to be deposited in escrow with a banking <br /> institution, in amounts sufficient for the payment of the principal of and interest on the Refunded <br /> 1988 Bonds at their stated maturities and upon the prior redemption thereof; and <br />