Ordinance 536-78 - Laserfiche WebLink

r } Introduced July 26 , 1978 •L Second Reading August 2 , 1978 Third Reading August 9, 1978 ORDINANCE NO. _7/,- 77 AN ORDINANCE of the City of Everett, Washington adopting a plan of refunding the outstanding indebtedness of the City payable from the revenues of the water and sewer utilities of the City; authorizing the sale and issuance of water and sewer revenue refunding bonds in the principal amount of $15, 480, 000 for the purpose of providing part of the funds required for such refunding; providing the covenants, terms and conditions under which such refunding bonds and future parity bonds shall be issued; authorizing the acquisition and safekeeping of government obligations required to effect such refunding; and combining a water and sewer utilities of the City. WHEREAS, the City of Everett, Washington (hereinafter the "City") entered into an agreement with Public Utility District No. 1 of Snohomish County, dated July 21, 1961, for the con- struction of a combined water supply and hydro-electric facility in the Sultan River Basin (hereinafter the "Sultan River Project Agreement" ) , which creates an indebtedness of the City payable from the net operating revenues of the water utility of the City; and WHEREAS , the indebtedness of the City pursuant to the Sultan River Project Agreement is payable at the rate of $23 , 131. 21 per month to and including the month of August, 1990 , which payments include both principal and interest on such indebtedness; and WHEREAS, the City. now has outstanding its Water Revenue Refunding Bonds, 1963 , dated April 1, 1963 in the principal amount of $1, 685, 000 maturing on October 1 of each year as follows (hereinafter called the "1963 Water Bonds" ) : Bond Nos. Maturity Year Amount Interest Rate 506-564 1978 $ 295, 000 3 .25% 565-625 1979 305 , 000 3. 25% 626-688 1980 315 ,000 3. 25% 689-754 1981 330, 000 3. 25% 755-784 1982 150 , 000 3. 25% 785-815 1983 155 , 000 3 .25% 816-842 1984 135 , 000 3. 25% and