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its water revenue bonds in the aggregate principal amount of <br /> $8, 000, 000 (the "Project Bonds" ) ; and <br /> WHEREAS, the City, pursuant to Ordinance No. 1433-88, passed <br /> on January 13, 1988, issued and sold its $41, 945, 000 water and <br /> sewer revenue and refunding bonds under date of February 1, 1988 <br /> (the "1988 Bonds" ) , which bonds are outstanding in the aggregate <br /> principal amount of $41, 945, 000; and <br /> WHEREAS, after due consideration it appears to the City <br /> Council of the City that the outstanding 1988 Bonds designated as <br /> Project Bonds by Ordinance #1433-88 and maturing on and after <br /> July 1, 1999 (the "Refunded 1988 Bonds" ) , may be refunded in <br /> advance of their stated maturity dates by the issuance of water <br /> and sewer revenue refunding bonds in the aggregate principal <br /> amount of not to exceed $36, 000, 000 (the "Refunding Bonds" ) and <br /> by the use of other available moneys of the City to purchase <br /> certain "Government Obligations" (as such obligations are now or <br /> may hereafter be defined in Chapter 39. 53 RCW) and to provide the <br /> necessary beginning cash balances, such cash and obligations to <br /> be deposited in escrow with a banking institution, in amounts <br /> sufficient for the payment of the principal of and interest on <br /> the Refunded 1988 Bonds at their stated maturities and upon the <br /> prior relemption thereof; and <br /> WHEREAS, it appears that the advance refunding of the <br /> Refunded 1988 Bonds will effect a present value savings to the <br /> City and an advantageous restructuring of the outstanding water <br /> and sewer revenue debt of the City; and <br /> 2 Fwwoo3.00c 92/09!21 <br />