Ordinance 1504-88 - Laserfiche WebLink

. g . . BOND REGISTRATION. The fiscal agencies of the State of Washington in the cities of Seattle, Washington, and New York, New York, currently Seattle-First National Bank and Bank of New York, respectively, will act as bond registrar, transfer agent, and authenticating and paying agent with respect to the Bonds (collectively, the "Bond Registrar" ) . The Bonds may be transferred only upon the records maintained for such purpose (the "Bond Register" ) and only if endorsed in the manner provided thereon and surrendered to the Bond Registrar. OPTIONAL REDEMPTION. The outstanding Bonds maturing on and after July 1, 1999, will be subject to redemption prior to their scheduled maturity, in whole or in part, in inverse order of maturity and by lot within a maturity, on any interest payment date on or after July 1, 1998, at a redemption price of par plus accrued interest to the date of redemption. SECURITY. The City of Everett has covenanted and agreed for as long as any Bonds are outstanding and unpaid, that each year it will include in its budget and levy an ad valorem tax, without limitation as to rate or amount, upon all the property in the City subject to taxation in an amount which will be sufficient, together with all other moneys of the City on hand and legally available for such purposes, to pay the principal of and interest on the Bonds as the same shall become due. The full faith, credit and resources of the City are pledged for the annual levy and collection of said taxes and for the prompt payment of the princi- pal of and interest on the Bonds as the same shall become due. TAX EXEMPTION. Interest on the Bonds will be excludable from gross income subject to federal income taxation, provided that the continuing arbitrage requirements of Section 148 of the Federal Internal Revenue Code of 1986 (the "Code" ) are complied with. The Bonds are not private activity bonds. Interest on the Bonds will not be an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals or corporations, but will be taken into account in the computation of adjusted net book income and adjusted current earnings for purposes of the corporate alternative minimum tax under Section 55 of the Code and in the computation of the environmental tax on corporations under Section 59A of the Code. INTEREST RATE AND BIDDING DETAILS. Bid forms will be pro- • vided by the City. Each bid shall be signed and enclosed in a sealed envelope. No bid will be accepted for the purchase of fewer than all of the Bonds. No bid will be accepted with a price of less than 98. 5% of the principal amount of the Bonds. All bids shall be without of acc rued°n. Each interest to the date submitted of shall provide for the payor delivery on the Bonds. One or more rates of interest may be fixed for the Bonds, which rate or rates must be in a multiple of 1/8 or 1/20 of 1%. No more than one rate of interest may be fixed for any one maturity, and there may be no more than a 3% difference between the highest interest rate fixed and the lowest interest rate fixed. It is requested that each bid state (i) the total interest cost over the life of the Bonds, less premium or plus discount, if any and (ii ) the true interest cost of the Bonds. Such statement shall not be deemed to be a part of the bid. A-2 KR258 88/07/06