Ordinance 1433-88 - Laserfiche WebLink

WHEREAS, it appears to the Council of the City of Everett that such conditions can be met and that it is in the best interests of the City and its inhabitants that the Project Bonds and the Refunding Bonds be issued on a parity with the 1985 Bonds; and WHEREAS, it appears to the Council of the City of Everett that it is in the best interests of the City and its inhabitants to combine issuance of the Project Bonds and the Refunding Bonds into a single bond issue ( "the 1988 Bonds" ) ; and WHEREAS, the City has received a written offer from Shearson Lehman Brothers Inc . , Foster and Marshall Division, Seattle- Northwest Securities Corporation, and Dain Bosworth Incorporated to purchase the 1988 Bonds under the terms and conditions set forth herein and therein; and WHEREAS, it is hereby found to be in the best interests of the City that said offer be accepted; NOW, THEREFORE, the City of Everett does ordain: Section 1 . Definitions. As used in this ordinance, the following words shall have the following meanings: The words "Acquired Obligations" mean direct noncallable obligations of the United States of America, now or hereafter acquired by the City pursuant to Section 14 of this ordinance to effect the advance refunding of the Refunded 1985 Bonds. The words "1988 Advance Refunding Fund" mean the fund of that name created by Section 14 of this ordinance for the advance refunding of the Refunded 1985 Bonds. The words "Annual Debt Service" mean, with respect to any issue of Parity Bonds, the amount required in a given calendar year for the payment of the principal of and interest on such Parity Bonds, except interest to be paid from the proceeds of such Parity Bonds. In the event such Parity Bonds include Term Bonds, the words "principal of and interest on the Parity Bonds" shall be -3- KR180 88/01/11