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WHEREAS, the City has heretofore entered into the State <br /> Revolving Fund Loan Agreement No. SFR 90-004 with the Washington <br /> State Department of Ecology (the "Agreement" ) ; and <br /> WHEREAS, it is in the best interests of the City to amend <br /> the Agreement in order to facilitate the issuance and sale of its <br /> Refunding Bonds, Project Bonds and future bonds issued on a <br /> parity with such bonds; and <br /> WHEREAS, to evidence its obligation under the Agreement, as <br /> so amended, the Council deems it necessary to issue the water and <br /> sewer revenue bonds of the City in the principal amount of not to <br /> exceed $15, 212, 243 (the "State Bonds" ) ; and <br /> WHEREAS, Ordinance No. 1433-88 provided that additional <br /> water and sewer revenue bonds could be issued on a parity with <br /> the 1988 Bonds if certain conditions could be met; and <br /> WHEREAS, it appears to the Council of the City of Everett <br /> that such conditions can be met and that it is in the best <br /> interests of the City and its inhabitants that the Project Bonds, <br /> the Refunding Bonds and the State Bonds be issued on a parity <br /> with the 1988 Bonds which are not Refunded 1988 Bonds and certain <br /> other outstanding Water and Sewer Revenue Bonds, 1985 of the City <br /> (the "Nonrefunded 1985 Bonds" ) ; and <br /> WHEREAS, it appears to the Council of the City of Everett <br /> that it is in the best interests of the City and its inhabitants <br /> to combine issuance of the State Bonds, the Project Bonds and the <br /> Refunding Bonds into a single bond issue ("the 1992 Bonds" ) ; <br /> NOW, THEREFORE, the City of Everett does ordain: <br /> 3 FWW003.DOC 92/09/21 <br />