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• <br /> Section 14 of Ordinance No. 1433-88, the investments now held in <br /> escrow pursuant to such resolutions. <br /> NOW, THEREFORE, the City of Everett does ordain: <br /> Section 1. Definitions. For purposes of this resolution, <br /> the following terms shall have the following meanings: <br /> a. "Defeased Bonds" means the bonds defeased by 1985 <br /> Advance Refunding Fund-A established by issuance of the 1985 <br /> Bonds and the bonds defeased by the 1988 Advance Refunding Fund <br /> established by issuance of the 1988 Bonds. Provision for the <br /> full payment of the principal of and interest on all Defeased <br /> Bonds, as the same shall become due, is provided for pursuant to <br /> this ordinance. <br /> b. "Escrow Agent Agreements" means the Safekeeping <br /> Agreement entered into between the City and U.S. Bank of <br /> Washington, N.A. (f/k/a Peoples National Bank of Washington) , in <br /> connection with issuance of the 1985 Bonds and the Escrow <br /> Agreement by and between the City and Seattle-First National Bank <br /> in connection with issuance of the 1988 Bonds. <br /> c. "Government Obligations" means obligations of, or <br /> obligations the principal of or interest on are, unconditionally <br /> guaranteed by the United States Government. <br /> Section 2 . Plan for Defeasance. The City has heretofore, <br /> by Ordinance Nos. 1139-85 and 1433-88, adopted a refunding plan <br /> for the Defeased Bonds. Such plans are hereby amended by the <br /> -3- WEM024 91/06/24 <br />