Ordinance 713-80 - Laserfiche WebLink

, ORDINANCE NO. • -1r: AN ORDINANCE of the City of Everett, Washington authorizing the sale and issuance of water and sewer revenue bonds in the principal amount of $20, 000, 000 for the purpose of providing part of the funds required for making additions and improvements to the water and sewer system of the City; adopting a plan for making certain of such additions and improvements; providing the covenants, terms and conditions under which such bonds and future parity bonds shall be issued, approving the sale of such bonds, and amending Ordinances 637-79 and 660-801and declaring an emergency to exist. WHEREAS, the City of Everett, Washington, (the "City") has heretofore, by Ordinance No. 536-78 , combined its water and sewer systems; and WHEREAS, Ordinances 637-79, 644-79 , 660-80 and 697-80, passed September 26, 1979, October 31, 1979, February 6 , 1980 , and June 4, 1980, respectively, specified and adopted plans of addi- tions and improvements to and extensions of such water and sewer system; and WHEREAS, in order to provide funds to pay the cost of such additions, improvements and extensions, and those specified herein, it is deemed necessary and advisable that the City now issue and sell its water and sewer revenue bonds in the aggregate principal sum of $20, 000, 000; and WHEREAS, the City of Everett, pursuant to Ordinance No. 536- 78, issued and sold $15,400, 000 water and sewer revenue bonds under date of August 1, 1978, which ordinance provided that additional water and sewer revenue bonds could be issued on a parity with such bonds if certain conditions could be met; and WHEREAS, it appears to the Council of the City of Everett that said conditions can be met and that it is to the best interests of the City and its inhabitants that the bonds authorized herein be issued on a parity with such August 1, 1978 , water and sewer revenue bonds; and NOW, THEREFORE, the City of Everett does ordain: