Ordinance 1924-93 - Laserfiche WebLink

• PAYING AGENTS . Both principal of and interest on the Bonds will be payable in lawful money of the United States of America. Interest on the Bonds shall be paid by check or draft mailed (on the date such interest is due) to the registered owners or nominees of such owners at the addresses appearing on the Bond Register (as hereinafter defined) as of the 15th day of the month preceding the interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds by the registered owners or nominees of such owners at the principal offices of either of the fiscal agencies of the State of Washington in the cities of Seattle, Washington, or New York, New York, at the option of such owners . BOND REGISTRATION. The fiscal agencies of the State of Washington in the cities of Seattle, Washington, and New York, New York, currently Seattle-First National Bank and Bank of New York, respectively, will act as bond registrar, transfer agent, and authenticating and paying agent with respect to the Bonds (collectively, the "Bond Registrar") . The Bonds may be transferred only upon the records maintained for such purpose (the "Bond Register" ) and only if endorsed in the manner provided thereon and surrendered to the Bond Registrar. OPTIONAL REDEMPTION. The outstanding Bonds maturing on and after December 1, 2004, will be subject to redemption prior to their scheduled maturity, in whole or in part, in inverse order of maturity and by lot within a maturity, on any interest payment date on or after December 1, 2003, at a redemption price of par plus accrued interest to the date of redemption. SECURITY. The City of Everett has covenanted and agreed for as long as any Bonds are outstanding and unpaid, that each year it will include in its budget and levy an ad valorem tax, within and as a part of the tax millage levy permitted without a vote of the electorate, upon all the property in the City subject to taxation in an amount which will be sufficient, together with all other moneys of the City on hand and legally available for such purposes, to pay the principal of and interest on the Bonds as the same shall become due. The full faith, credit and resources of the City are pledged for the annual levy and collection of said taxes and for the prompt payment of the principal of and interest on the Bonds as the same shall become due. TAX EXEMPTION. Interest on the Bonds will be excludable from gross income subject to federal income taxation, provided that the continuing arbitrage requirements of Section 148 of the Federal Internal Revenue Code of 1986 (the "Code") are complied with. The Bonds are not private activity bonds . Interest on the Bonds will not be an item of tax preference for purposes of the B-2 FWWOOH.DOC 93/01/08