Ordinance 1891-92 - Laserfiche WebLink

pursuant to the Sultan River Project Agreement, as it now exists and as it may later be added to, extended and improved, for as long as the Refunding Bonds remain outstanding. The words "Term Bonds" mean any Parity Bonds identified as such in the ordinance or resolution authorizing the issuance thereof, the payment of which is provided for by a requirement for mandatory deposits of money into a Sinking Fund Account in the Revenue Bond Fund. The word "Treasurer" means the duly qualified and acting Treasurer of the City. Section 2 . Findings and Purposes . The Council hereby finds that the public interest, welfare and convenience require the construction, acquisition and installation of the System improvements described in Section 3 of this ordinance, and that said improvements are legally required and/or economically sound, and will contribute to the conduct of the business of the System in an efficient manner. The Council hereby further finds that it is in the best interests of the City and the users of the System that the City issue the Refunding Bonds to refund the Refunded 1988 Bonds and to pay the costs incident to the refunding and the issuance of the Refunding Bonds . The Council further finds and determines that refunding the Refunded 1988 Bonds by the sale and issuance of the Refunding Bonds as provided in this ordinance will effect a present value savings to the City and the users of the System. In making such finding and determination this Board has given 13 Fww003.DOC 92/09/21