Ordinance 941-83 - Laserfiche WebLink

The City has reserved the, right to redeem the outstand- ing bonds maturing on July 1, 1994, in whole, or in part in inverse numerical order, on July 1, 1993, or on any interest payment date thereafter, at the following times and at the following prices expressed as a percentage of par, plus accrued interest to the date of redemption: Redemption Date Redemption Price July 1, 1993, and January 1, 1994 102 . 00% July 1, 1994, and January 1, 1995 101 . 50% July 1, 1995, and January 1, 1996 101 . 00% July 1, 1996, and January 1, 1997 100. 50% July 1, 1997, and thereafter 100. 00% Interest on any bonds so called for redemption shall cease on such redemption date unless the same shall not be paid in full upon presentation made pursuant to such call. Notice of any such intended redemption shall be given by one publication thereof in the official newspaper of the City not more than forty (40) nor less than thirty (30) days prior to said redemption date, and by mailing a like notice at the same time to Seattle-Northwest Securities Corporation, or the successor in business thereof, at its main office. In addition, such notice of redemption shall also be mailed to Moody' s Investors Service, Inc. and to Standard & Poor' s Corporation at their main offices in New York, New York, or to the successors in business of such firms, if any, at their main offices, but none of such mailings shall be a condition precedent to the call of the Bonds for redemption. This bond is one of an issue of two thousand eight- hundred thirty-one (2 , 831) bonds of the City of like date and tenor except as to amount, number, rate of interest, and date of maturity in the aggregate principal amount of $15, 655, 000. This issue of bonds is authorized by Ordinance No. of the City (herein called the "Bond Ordinance" ) for the purpose of providing money to pay part of the cost of acquiring, constructing and installing certain additions and improvements to the sewer system of the City, and refunding the outstanding 1982 Water and Sewer Revenue Interim Financing Bonds of the City, all in conformity with the laws of the State of Washington. This bond and the bonds of this issue are payable solely from the special fund of the City known as the "1978 City of Everett Water and Sewer Revenue Bond Fund" (herein called the "Revenue Bond Fund" ) created by Ordinance No. 536-78 in the office of the Treasurer of the City. The City has irrevo- cably obligated and bound itself to pay into the Revenue Bond Fund out of the Revenue of the System (as defined in the Bond Ordinance) certain amounts necessary, together with Assess- ments (as defined in the Bond Ordinance) deposited and such other moneys as may be provided therefor, to pay and secure the payment of the principal of and interest on such bonds. The City has further obligated and bound itself to pay into the Revenue Bond Fund as collected all Assessments levied in Utility Local Improvement District No. 1 of the City. -26- WMD20 83/05/02