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3 <br /> ORDINANCE NO. <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF WATER <br /> AND SEWER REVENUE REFUNDING BONDS OF THE CITY <br /> IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED <br /> $72,000,000 FOR THE PURPOSE OF REFUNDING CERTAIN <br /> OUTSTANDING REVENUE BONDS OF THE CITY. <br /> WHEREAS, the City of Everett, Washington (the "City") now owns and operates a <br /> combined system of water supply and distribution and sewage treatment and disposal (the <br /> "System"); and <br /> WHEREAS, the City has outstanding its water and sewer revenue bonds payable from <br /> revenues of the System as follows: <br /> Principal Amount <br /> Authorizing Bond Date Outstanding <br /> Ordinance Designation of Bonds (1/1/13) <br /> Water and Sewer <br /> Ordinance No. 2690-03 Revenue and May 15, 2003 $ 35,190,000 <br /> Refunding Bonds, <br /> 2003 ("2003 Bonds") <br /> Water and Sewer <br /> Ordinance No. 2870-05 Revenue Bonds, October 14, 2005 34,610,000 <br /> 2005 ("2005 Bonds") <br /> Water and Sewer <br /> Ordinance No. 3123-09 Revenue and May 13, 2009 35,255,000 <br /> Refunding Bonds, <br /> 2009 ("2009 Bonds") <br /> Water and Sewer <br /> Ordinance No.3211-11 Revenue Bonds, March 30,2011 51,000,000 <br /> 2011 ("2011 Bonds") <br /> (collectively, the"Outstanding Parity Bonds"); and <br /> WHEREAS, the remaining outstanding 2003 Bonds mature on the following dates and in <br /> the following principal amounts: <br /> 8 <br />