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The City shall issue and sell the Project Bonds in the <br /> aggregate principal amount of $8, 000, 000 for the purpose of <br /> providing part of the funds required to pay the cost of <br /> acquiring, constructing, installing and equipping the Project as <br /> described in Section 3 of this Ordinance, and to pay the expenses <br /> incidental to the issuance of the Project Bonds . <br /> The Project Bonds shall be dated October 15, 1992, shall <br /> bear interest payable January 1, 1993, and semiannually <br /> thereafter on the first days of each, succeeding July and January <br /> at such rates, and shall mature on July 1 in such years and <br /> amounts, and with such provisions for Term Bonds and such <br /> redemption provisions as shall be fixed by resolution of the <br /> Council subsequent to final passage of this Ordinance . <br /> The City shall issue the State Bonds to the Washington <br /> Department of Ecology in the aggregate principal amount of not to <br /> exceed $15, 212, 243 for the purpose of evidencing a loan to the <br /> City from the Washington Department of Ecology pursuant to the <br /> Agreement, as amended. The State Bonds shall bear interest, be <br /> paid, mature and be subject to redemption as provided in the <br /> Agreement, as amended. The Finance Director shall maintain a <br /> registration record of the State Bonds . <br /> The Project Bonds and Refunding Bonds shall be combined and <br /> sold as a single issue designated "City of Everett Water and <br /> Sewer Revenue and Refunding Bonds, 1992" ; shall be in the denomi- <br /> nation of $5, 000 each or any integral multiple thereof, provided <br /> that no such Bond shall represent more than one maturity; shall <br /> 20 Fww003.DOC 92/09/21 <br />