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exceed $18, 000, 000 for the purpose of refunding the Refunded 1985 <br /> Bonds, and to pay the expenses incidental to the refunding and to <br /> the issuance of the Refunding Bonds . The Refunding Bonds shall be <br /> dated February 1, 1988, shall bear interest from their date <br /> payable July 1, 1988, and semiannually thereafter on the first <br /> days of each succeeding July and January at such rates, and shall <br /> mature on July 1 in such years and amounts as are set forth in the <br /> Purchase Contract. <br /> The City shall issue and sell the Project Bonds in the <br /> aggregate principal amount of not to exceed $30, 000, 000 for the <br /> purpose of providing part of the funds required to pay the cost of <br /> acquiring, constructing, installing and equipping the Project as <br /> described in Section 3 of this ordinance, and to pay the expenses <br /> incidental to the issuance of the Project Bonds. The Project <br /> Bonds shall be dated February 1, 1988, shall bear interest from <br /> their date payable July 1, 1988, and semiannually thereafter on <br /> the first days of each succeeding July and January at such rates, <br /> and shall mature on July 1 in the years and amounts as are set <br /> forth in the Purchase Contract. <br /> The Project Bonds and Refunding Bonds shall be combined and <br /> sold as a single issue designated "City of Everett Water and Sewer <br /> Revenue and Refunding Bonds, 1988" (the "1988 Bonds" ) ; shall be in <br /> the denomination of $5, 000 each or any integral multiple thereof, <br /> provided that no 1988 Bond shall represent more than one maturity; <br /> shall be fully registered as to both principal and interest; and <br /> shall be numbered separately in the manner and with any additional <br /> designation as the Bond Registrar deems necessary for purposes of <br /> identification. The 1988 Bonds shall be dated February 1, 1988, <br /> and shall bear interest from their date until the bond bearing <br /> such interest has been paid or its payment duly provided for, <br /> payable July 1, 1988, and semiannually thereafter on the first <br /> days of each July and January at such rates, and shall mature on <br /> -17- KR180 88/01/11 <br />