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and an advantageous restructuring of the outstanding water and <br /> sewer revenue debt of the City; and <br /> WHEREAS, the City has received a written offer from <br /> Seattle-Northwest Securities Corporation and Drexel Burnham <br /> Lambert, Kirchner Moore & Co. Subsidiary to purchase the <br /> Refunding Bonds under the terms and conditions set forth herein <br /> and therein; and <br /> WHEREAS, it is hereby found to be in the best interests of <br /> the City that said offer be accepted; <br /> NOW, THEREFORE, the City of Everett does ordain: <br /> Section 1 . Definitions. As used in this ordinance, the <br /> following words shall have the following meanings: <br /> The words "Acquired Obligations" mean the "Government <br /> Obligations, " as that term is now or hereafter defined in Chapter <br /> 39 . 53 RCW, or any successor statute thereto, now or hereafter <br /> acquired by the City pursuant to Section 10 of this ordinance to <br /> effect the advance refunding of the Outstanding Bonds. <br /> The words "1985 Advance Refunding Fund-A" mean the fund of <br /> that name created by Section 10 of this ordinance for the advance <br /> refunding of the outstanding 1982 Bonds . <br /> The words "1985 Advance Refunding Fund-B" mean the fund of <br /> that name created by Section 10 of this ordinance for the advance <br /> refunding of the outstanding 1978 Bonds, 1980 Bonds and 1983 <br /> Bonds. <br /> The words "Annual Debt Service" mean, with respect to any <br /> issue of Parity Bonds, the amount required in a given calendar <br /> year for the payment of the principal of and interest on such <br /> Parity Bonds, except interest to be paid from the proceeds of <br /> such Parity Bonds. In the event such Parity Bonds include <br /> Term Bonds, the words "principal of and interest on the Parity <br /> Bonds" shall be deemed to exclude from "principal" an amount of <br /> -3- WMD202 85/06/10 <br />