2013/01/09 Council Agenda Packet

(1) That the Bonds are being issued for the purpose of refunding Outstanding Parity Bonds payable out of the Revenue of the System; (2) The City has not been in default of its Rate Covenant for the inunediately preceding fiscal year, without regard to transfers fiom the Coverage Stabilization Account; (3) This ordinance, in Section 8(b), contains a covenant that the City will at all times establish, maintain and collect rates and charges in the operation of all of its business sufficient to meet the Rate Covenant. (4) The Bonds being issued are for the purpose of refunding outstanding Parity The applicable parity conditions set forth in Ordinance Nos. 3123-09 and 3211-11 having been complied with, the Bonds shall be issued on a parity of lien with the Outstanding Parity Bonds. Section 3. Authorization of Bonds and Bond Details. (a) Bonds. For the purpose of refunding the Refunded Bonds, funding the Reserve Requirement and paying the costs of issuance related thereto, and thereby effecting a substantial savings to the City and its ratepayers, the City shall issue its water and sewer revenue refunding bonds (the "Bonds"). (b) Bond Details. The Bonds shall be designated as the City of Everett, Washington, Water and Sewer Revenue Refunding Bonds, 2013, shall be dated as of their date of delivery; shall be fully registered as to both principal and interest; shall be in the denomination of $5,000 each, or any integral multiple thereof, provided that no Bond shall represent more than one maturity; shall be numbered separately in such manner and with any additional designation as the Registrar deems necessary for purposes of identification; and shall bear interest from their date payable on the first days of each June and December, commencing on June 1, 2013 at rates set 2-§0- PA20287 CMW12D287 9Rc 01/02/13