Ordinance 946-83 - Laserfiche WebLink

ORDINANCE NO. y14 -455 AN ORDINANCE of the City of Everett, Washington, amending Ordinance No. 941-83 to provide for a ten-year par call on the 1983 water and sewer revenue and refunding bonds to be issued by the City. WHEREAS, by Ordinance No. 941-83 (the "Bond Ordinance" ) , passed on May 4, 1983, the City of Everett, Washington (the "City" ) authorized the issuance and sale of its Water and Sewer Revenue and Refunding Bonds, 1983, (the "Bonds" ) in the total principal amount of $15, 655, 000; and WHEREAS, Section 4 of the Bond Ordinance provides that the Bonds maturing on or after July 1, 1994, will be subject to redemption prior to maturity on July 1, 1993 , or on any interest payment date thereafter at specified prices, including a premium, plus interest to the date of redemption; and WHEREAS, the purchaser of the Bonds, Seattle-Northwest Securities Corporation, was able to pre-sell the Bonds without a premium on the ten-year call; and WHEREAS, removal of the premium on the ten-year call could result in future savings to the City; and WHEREAS, it is therefore deemed necessary and advisable that the Bond Ordinance be amended to authorize the issuance of the Bonds with a ten-year par call; NOW, THEREFORE, the City of Everett does ordain: Section 1 . Amendments. Section 4 and Section 11 of Ordi- nance No. 941-83 are hereby amended to read as follows: Section 4. Redemption Prior to Maturity. The City hereby reserves the right to redeem the outstanding Bonds maturing on or after July 1, 1994, in whole, or in part in inverse numerical order, on July 1, 1993, or on any interest payment date thereafter, at par plus accrued interest to the date of redemption. Notice of any such intended redemption shall be given by one publication thereof in the official news-