Ordinance 1891-92 - Laserfiche WebLink

ORDINANCE NO. 1891-92 AN ORDINANCE of the City of Everett, Washington, authorizing the issuance and sale of water and sewer revenue and refunding bonds in the principal amount of not to exceed $38,695,000 to refund certain of the Water and Sewer Revenue Refunding Bonds, 1988, of the City, to provide part of the funds necessary for constructing certain capital improvements to the water and sewer system of the City and to evidence a loan from the State Department of Ecology; adopting a plan for making certain of such additions and improvements; authorizing the application and use of bond proceeds and other available moneys of the City for the acquisition and safekeeping of certain Acquired Obligations for the purpose of accomplishing such refunding; authorizing the execution of an agreement with a refunding trustee for the bonds to be refunded; authorizing an amendment to the revolving fund loan agreement with the State Department of Ecology; providing the covenants, terms and conditions under which the bonds and future parity bonds shall be issued; and providing for the sale of the bonds . WHEREAS, the City of Everett, Washington (the "City" ) , has heretofore, by Ordinance No . 536-78, passed on August 9, 1978, combined its water supply and distribution and sewage collection and treatment systems; and WHEREAS, it is deemed in the best interests by the City to make certain improvements to such combined water and sewer system including making improvements and extensions to the secondary sewer treatment plant of the City; and WHEREAS, in order to provide funds to pay part of the costs of these additions and improvements specified herein, it is deemed necessary and advisable that the City now issue and sell