Ordinance 1433-88 - Laserfiche WebLink

revenue refunding bonds under date of June 1, 1985 (the "1985 Bonds" ) , which bonds are outstanding in the aggregate principal amount of $41, 180, 000; and WHEREAS, all water and sewer revenue bonds of the City other than those listed above have either been paid or have been advance refunded and moneys have been set aside in one or more escrow accounts to provide fully for the payment of the principal of, premium, if any, and interest on such other bonds as the same shall become due; and WHEREAS, after due consideration it appears to the City Council of the City that the outstanding 1985 Bonds maturing on and after July 1, 1996 (the "Refunded 1985 Bonds" ) , may be refunded in advance of their stated maturity dates by the issuance of water and sewer revenue refunding bonds in the aggregate principal amount of not to exceed $18, 000, 000 (the "Refunding Bonds" ) and by the use of other available moneys of the City to purchase certain "Government Obligations" (as such obligations are now or may hereafter be defined in Chapter 39 . 53 RCW) and to provide the necessary beginning cash balances, such cash and obligations to be deposited in escrow with Seattle-First National Bank (the "Refunding Trustee" ) , in amounts sufficient for the payment of the principal of and interest on the Refunded 1985 Bonds at their stated maturities and upon the prior redemption thereof; and WHEREAS, it appears that the advance refunding of the Refunded 1985 Bonds will effect a present value savings to the City and an advantageous restructuring of the outstanding water and sewer revenue debt of the City; and WHEREAS, Ordinance No. 1139-85 provided that additional water and sewer revenue bonds could be issued on a parity with the 1985 Bonds if certain conditions could be met; and -2- KR180 88/01/11