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ORDINANCE NO. <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF WATER <br />AND SEWER REVENUE BONDS OF THE CITY IN THE <br />PRINCIPAL AMOUNT OF NOT TO EXCEED $55,000,000 FOR <br />THE PURPOSE OF ACQUIRING, CONSTRUCTING AND <br />INSTALLING CERTAIN ADDITIONS AND BETTERMENTS <br />TO AND EXTENSIONS OF THE CITY'S WATER AND <br />SEWER SYSTEM. <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") which is in need of additions, improvements and betterments; and <br />WHEREAS, the City is authorized to issue revenue bonds for the purpose of paying the <br />cost of additions, improvements and betterments to the System; and <br />WHEREAS, to provide funds to pay part of the costs of such improvements, it is deemed <br />necessary and advisable that the City now issue and sell its water and sewer revenue bonds (the <br />"Bonds"); and <br />WHEREAS, the City has outstanding its water and sewer revenue bonds payable from <br />revenues of the System as follows: <br />