Ordinance 1139-85 - Laserfiche WebLink

( l C el sewer revenue bonds under date of January 1, 1982 (the "1982 Bonds" ) , which bonds are outstanding in the aggregate principal amount of $8,275, 000; and WHEREAS, the City, pursuant to Ordinance No. 941-83, passed on May 4, 1983 , issued and sold its $15, 655, 000 water and sewer revenue and refunding bonds under date of May 1, 1983 (the "1983 Bonds" ) , which bonds are outstanding in the aggregate principal amount of $13, 830, 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 1978 Bonds, 1980 Bonds, 1982 Bonds and 1983 Bonds (collectively, the "Outstanding 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 $46, 730, 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 two separate escrows with Peoples National Bank of Washington, as Refunding Trustee, in amounts sufficient for the payment of the principal of and interest on the Outstanding Bonds at their stated maturities and upon the prior redemption thereof; and WHEREAS, it appears that the advance refunding of the Outstanding Bonds will effect a present value savings to the City -2- WMD202 85/06/10