Ordinance 1433-88 - Laserfiche WebLink

that such agreement is an enforceable obligation of such insurance company or banking institution. The word "Project" means the additions and improvements to the System authorized and described in Section 3 of this ordinance. The words "Project Bonds" mean an amount of not to exceed $30, 000, 000 of the 1988 Bonds issued for the purpose of financing part of the cost of acquisition, construction, installation and equipping of the Project. The words "Purchase Contract" means the agreement between the City and Shearson Lehman Brothers Inc . , Foster and Marshall Division, Seattle, Washington, Seattle-Northwest Securities Corporation, Seattle, Washington, and Dain Bosworth Incorporated, Seattle, Washington, for the purchase of the 1988 Bonds, attached hereto as Exhibit A. The words "Qualified Insurer" mean an insurance company licensed to conduct business in any state of the United States or a service corporation acting on behalf of one or more such insurance companies, which insurance company or service corpora- tion is rated either Aaa by Moody' s Investors Service, Inc . , or AAA by Standard & Poor' s Corporation. The words "Refunded Bonds" mean the outstanding indebtedness of the City under the Sultan River Project Agreement as described on page 1 of Ordinance No. 536-78, and water and sewer revenue bonds of the City issued under dates of September 1, 1960, July 1, 1963 , December 1, 1965, and May 1, 1969, full provision for the payment of which has heretofore been made . The words "Refunded 1985 Bonds" mean the 1985 Bonds maturing on and after July 1, 1996. The words "Refunding Bonds" mean an amount not to exceed $18, 000, 000 of the 1988 Bonds, issued for the purpose of refunding the Refunded 1985 Bonds. -10- KR180 88/01/11