Ordinance 1139-85 - Laserfiche WebLink

1 fair market value equal to at least 100% of the amount of the repurchase obligation; and (9) an investment agreement approved by the Bond Insurer with ( 1) an insurance company whose unsecured obligations are rated Aaa by Moody' s and AAA by S&P, respectively, or (ii ) which is the lead bank of a bank holding company whose unsecured obligations are rated Aa2 or better by Moody' s and AA or better by S&P, provided that (x) such agreement shall provide that it is not subordinated to any other obligations of such insurance company or banking institution, and (y) the City shall receive an Opinion of Counsel that such agreement is an enforceable obligation of such insurance company or banking institution. The words "Purchase Contract" mean the agreement between the City and Seattle-Northwest Securities Corporation, Seattle, Washington, and Drexel Durnham Lambert, Kirchner Moore & Co. Subsidiary, Seattle, Washington, dated June 5, 1985, for the purchase of the Refunding Bonds. 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 corporation 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 April 1, 1963 , December 1, 1965, September 1, 1960, July 1, 1963 , and May 1, 1969, as described on pages 1-4 in Section 6 of Ordinance No. 536-78, full provision for the payment of which has heretofore been made. -9- WMD202 85/06/10