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Ordinance 1963-93
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Ordinance 1963-93
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4/27/2017 9:30:55 AM
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Ordinances
Ordinance Number
1963-93
Date
10/27/1993
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, Y, <br /> WHEREAS, it appears that the advance refunding of the Refunded 1988 Bonds will effect <br /> a present value savings to the City and an advantageous restructuring of the outstanding water <br /> and sewer revenue debt of the City; and <br /> WHEREAS, Ordinance No. 1433-88 provided that additional water and sewer revenue <br /> bonds could be issued on a parity with the 1988 Bonds if certain conditions could be met; and <br /> WHEREAS, it appears to the Council of the City of Everett that such conditions can be <br /> met and that it is in the best interests of the City and its inhabitants that the 1993 Bonds be issued <br /> on a parity with the 1988 Bonds which are not Refunded 1988 Bonds and certain other <br /> outstanding Water and Sewer Revenue Bonds, 1985 of the City (the "Nonrefunded 1985 <br /> Bonds"). <br /> NOW, THEREFORE, the City of Everett does ordain: <br /> Section 1. Definitions. As used in this ordinance, the following words shall have the <br /> following meanings: <br /> The words "Acquired Obligations" mean the "Government Obligations," as that term is <br /> now or hereafter defined in Chapter 39.53 RCW, or any successor statute thereto, now or <br /> hereafter acquired by the City pursuant to Section 12 of this ordinance to effect the advance <br /> refunding of the Refunded 1988 Bonds. <br /> The words "1993 Advance Refunding Fund" mean the fund of that name created by <br /> Section 12 of this ordinance for the advance refunding of the Refunded 1988 Bonds. <br /> The words "Annual Debt Service" mean, with respect to any issue of Parity Bonds, the <br /> amount required in a given calendar year for the payment of the principal of and interest on such <br /> Parity Bonds, except interest to be paid from the proceeds of such Parity Bonds. In the event <br /> such Parity Bonds include Term Bonds, the words "principal of and interest on the Parity Bonds" <br /> shall be deemed to exclude from "principal" an amount of Term Bonds equal to the mandatory <br /> deposits of money into any Sinking Fund Account to provide for payment of the principal of such <br /> Term Bonds, and from "interest" the interest on such Term Bonds subsequent to the date of the <br /> -2- FWW04E.DOC 8311029 <br />
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