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APPENDIX B-1
<br />Notice of Defeasance"
<br />City of Everett, Washington
<br />Water and Sewer Revenue and Refunding Bonds, 2003
<br />NOTICE IS HEREBY GIVEN to the owners of that portion of the above -captioned
<br />bonds with respect to which, pursuant to an Escrow Agreement dated February _, 2013, by and
<br />between City of Everett Washington (the "City") and U.S. Bank National Association, Seattle,
<br />Washington (the "Escrow Agent"), the City has deposited into an escrow account, held by the
<br />Escrow Agent, cash and non -callable direct obligations of the United States of America, the
<br />principal of and interest on which, when due, will provide money sufficient to pay each year, to
<br />and including the respective maturity or redemption dates of such bonds so provided for, the
<br />principal thereof and interest thereon (the "Defeased Bonds"). Such Defeased Bonds are
<br />therefore deemed to be no longer outstanding pursuant to the provisions of Ordinance
<br />No. 2690-03 of the City, authorizing the issuance of the Defeased Bonds, but will be paid by
<br />application of the assets of such escrow account.
<br />The Defeased Bonds are described as follows:
<br />Water and Sewer Revenue and Refunding Bonds, 2003 (Dated May 15, 2003)
<br />Maturity Years
<br />Principal
<br />'CUSIP
<br />Call Date
<br />(December 1)
<br />Amounts
<br />Interest Rates
<br />Nos.
<br />(at 100%)
<br />2013
<br />$ 1,630,000
<br />5.00%
<br />3000601-IP8
<br />N/A
<br />2014
<br />1,710,000
<br />5.00
<br />300060HQ6
<br />07/01/2013
<br />2015
<br />1,800,000
<br />5.00
<br />300060HR4
<br />07/01/2013
<br />2016
<br />1,890,000
<br />5.00
<br />300060HS2
<br />07/01/2013
<br />2017
<br />1,980,000
<br />5.00
<br />300060HTO
<br />07/01/2013
<br />2018
<br />2,080,000
<br />5.00
<br />3000601-IU7
<br />07/01/2013
<br />2019
<br />2,185,000
<br />5.00
<br />300060HV5
<br />07/01/2013
<br />2020
<br />2,295,000
<br />5.00
<br />300060HW3-
<br />07/01/2013
<br />2021
<br />2,410,000
<br />5.00
<br />300060HX1
<br />07/01/2013
<br />2022
<br />2,530,000
<br />5.00
<br />300060HY9
<br />07/01/2013
<br />2023
<br />2,655,000
<br />5.00
<br />300060HZ6
<br />07/01/2013
<br />2024
<br />2,790,000
<br />5.00
<br />300060JA9
<br />07/01/2013
<br />2025
<br />2,930,000
<br />5.00
<br />300060JB7
<br />07/01/2013
<br />2026
<br />3,075,000
<br />5.00
<br />300060JC5
<br />07/01/2013
<br />2027
<br />3,230,000
<br />5.00
<br />300060JD3
<br />07/01/2013
<br />* This notice shall be given immediately by first class mail to each registered owner of the Defeased Bonds. In
<br />addition notice shall be mailed to The Depository Trust Company of New York, New York; The Bank of New York
<br />Mellon, as Fiscal Agent; Standard & Poor's Ratings Services, New York, New York, Banc of America Securities
<br />LLC., National Public Finance Guarantee Corp. (formerly MBIA Insurance Corporation) and to the Municipal
<br />Securities Rulemaking Board.
<br />Appendix B-1 81 PA20287 CMVN20287_9RC 01/02/13
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