Ordinance 1139-85 - Laserfiche WebLink

Section 2 . Findings and Purposes. The Council hereby finds that it is in the best interests of the City and the users of the System that the City issue the Refunding Bonds to refund the Outstanding Bonds and to pay the costs incident to the refunding and the issuance of the Refunding Bonds . The Council further finds and determines that refunding the Outstanding Bonds by the sale and issuance of the Refunding Bonds as provided in this ordinance will effect a present value savings to the City and the users of the System. In making such finding and determination this Board has given consideration to the interest to the fixed maturities of the Refunding Bonds and the Outstanding Bonds being refunded, the costs of issuance of the Refunding Bonds, including the sale discount, and the known earned income from the investment of the proceeds of sale of the Refunding Bonds pending redemption of the Outstanding Bonds . Section 3 . Issuance of the City of Everett Water and Sewer Revenue Refunding Bonds, 1985 . The City shall issue the Refunding Bonds in the aggregate principal amount of $46, 730, 000 for the purpose of refunding the Outstanding Bonds, and to pay the expenses incidental to the refunding and to the issuance of the Refunding Bonds . The Refunding Bonds shall be designated the "City of Everett Water and Sewer Revenue Refunding Bonds, 1985; " shall be in the denomination of $5, 000 each or any integral multiple thereof, provided that no Bond shall represent more than one maturity; shall be fully registered as to both principal and interest; and shall be numbered separately in the manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification. The Refunding Bonds shall be dated June 1, 1985, and shall bear interest from their date until the bond bearing such interest has been paid or its payment duly provided for, -12- WMD202 85/06/10