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CITY OF EVERETT, WASHINGTON <br /> ORDINANCE NO. j FC -?.y <br /> AN ORDINANCE adopting a system of registration <br /> of bonds and obligations . <br /> WHEREAS, Section 103 (j ) of the Internal Revenue Code of <br /> 1954 , as amended, requires municipal bonds and obligations <br /> offered to the public, having a maturity of more than one year <br /> and issued after June 30, 1983 , to be in registered form as a <br /> condition of the exemption from federal income taxation of the <br /> interest on those bonds and obligations; and <br /> WHEREAS, Section 3 , chapter 167, Laws of 1983 , 1st ex. <br /> sess . , authorizes cities to establish a system of registering <br /> the ownership of their bonds or obligations as to principal and <br /> interest, or principal only; NOW, THEREFORE , <br /> THE CITY COUNCIL OF THE CITY OF EVERETT, WASHINGTON, DOES <br /> ORDAIN: <br /> Section 1 . Definitions . The following words shall have <br /> the following meanings when used in this ordinance : <br /> a . The term "bond" or "bonds" shall have the meaning <br /> defined in Section 2 (1) , chapter 167, Laws of 1983 , as the same <br /> may be from time to time amended . <br /> b . The term "City" shall mean the City of Everett, <br /> Washington. <br /> c . The term "fiscal agency" shall mean the duly <br /> appointed fiscal agencies of the State of Washington serving as <br /> such at any given time . <br /> d . The term "obligation" or "obligations" shall have <br /> the meaning defined in Section 2 (3 ) , chapter 167, Laws of 1983 , <br /> 1st ex. sess . , as the same may be from time to time amended. <br /> e . The term "registrar" shall be the person or <br /> persons designated by the City to register ownership of bonds or <br /> obligations under this ordinance . <br />