2011/03/02 Council Agenda Packet

10 The City may make such changes in or additions to the Projects or in the construction or design of other facilities of the System as may be found necessary or desirable. Implementation or completion of any specified improvement shall not be required if the Council determines that, due to substantially changed circumstances, it has become advisable or impractical. If the Projects have either been completed, or its completion duly provided for, or their completion found to be impractical, the City may apply the Bond proceeds or any portion thereof to other improvements to the System, as the Council in its discretion shall determine. In the event that the proceed of sale of the Bonds, plus any other moneys of the City legally available, are insufficient to accomplish all of the Projects provided by this section, the City shall use the available funds for paying the cost of those improvements for which the Bonds were approved, deemed by the Council most necessary and to the best interest of the City. The City shall acquire by purchase, lease or condemnation, all property, both real and personal, or any interest therein, or rights-of-way and easements that may be found necessary to acquire, construct and install the Projects. Section 4. Authorization of Bonds and Bond Details. (a) Bonds. For the purpose of paying costs of the Projects, funding the Reserve Requirement and paying the costs of issuance related thereto, the City shall issue its water and sewer revenue bonds (the"Bonds"). (b) Bond Details. The Bonds shall be designated as the City of Everett, Washington, Water and Sewer Revenue Bonds, 2011, shall be dated as of their date of delivery; shall be fully registered as to both principal and interest; shall be in the denomination of$5,000 each, or any integral multiple thereof, provided that no Bond shall represent more than one maturity; shall be numbered separately in such manner and with any additional designation as the Registrar deems 93 -22- P:\20287 CMW\20287 960 02/07/11