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4 <br /> ORDINANCE NO. <br /> AN ORDINANCE of the City of Everett, Washington, <br /> authorizing the issuance and sale of water and <br /> sewer revenue and refunding bonds in the <br /> principal amount not to exceed $48, 000, 000 for <br /> the purpose of refunding certain of the Water <br /> and Sewer Revenue Refunding Bonds, 1985, of <br /> the City and for the purpose of providing part <br /> of the funds necessary for constructing <br /> certain capital improvements to the City' s <br /> secondary sewer treatment plant and making <br /> other additions and improvements to the water <br /> and sewer system of the City; adopting a plan <br /> for making such additions and improvements to <br /> the water and sewer system; authorizing the <br /> application and use of bond proceeds and other <br /> available moneys of the City for the acquisi- <br /> tion and safekeeping of certain Acquired <br /> Obligations for the purpose of accomplishing <br /> such refunding; authorizing the execution of <br /> an agreement with Seattle-First National Bank <br /> as refunding trustee for the bonds to be <br /> refunded; providing the covenants, terms and <br /> conditions under which the bonds and future <br /> parity bonds shall be issued; and providing <br /> for the sale of the bonds to Shearson Lehman <br /> Brothers Inc . , Foster & Marshall Division, <br /> Seattle-Northwest Securities Corporation and <br /> Dain Bosworth Incorporated. <br /> WHEREAS, the City of Everett, Washington (the "City" ) , has <br /> heretofore by Ordinance No . 536-78, passed on August 9, 1978, <br /> combined its water supply and distribution and sewage collection <br /> and treatment systems; and <br /> WHEREAS, it is deemed in the best interests of the City to <br /> make certain improvements to such combined water and sewer system <br /> including making improvements and extensions to the secondary <br /> sewer treatment plant of the City; and <br /> WHEREAS, in order to provide funds to pay part of the costs <br /> of these additions and improvements specified herein, it is deemed <br /> necessary and advisable that the City now issue and sell its water <br /> and sewer revenue bonds in the aggregate principal amount of not <br /> to exceed $30, 000, 000 (the "Project Bonds" ) ; and <br /> WHEREAS, the City, pursuant to Ordinance No. 1139-85, passed <br /> on June 5, 1985, issued and sold its $46, 730, 000 water and sewer <br />