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itself indebted and for, value received promises to pay to
<br /> bearer, solely from the sources herein referred to, the
<br /> principal sum of
<br /> FIVE THOUSAND DOLLARS
<br /> on the first day of July, 19 , unless redeemed prior
<br /> thereto as herein provided, with interest thereon from the
<br /> date hereof at the rate of % per annum until such
<br /> principal sum is paid or payment has been duly provided for,
<br /> payable January 1, 1979 , and semiannually thereafter on the
<br /> first days of January and July. Payment of the interest due
<br /> on or before the maturity of this bond shall be made only
<br /> upon presentation and surrender of the coupons representing
<br /> such interest as the same respectively become due.
<br /> Both principal of and interest on this bond are payable
<br /> in lawful money of the United States of America, at the
<br /> office of the Treasurer of the City in Everett, Washington,
<br /> or, at the option of the holder, at either of the fiscal
<br /> agencies of the State of Washington in the cities of Seattle,
<br /> Washington, and New York, New York.
<br /> The City has reserved the right to redeem the outstand-
<br /> ing bonds maturing after July 1, 1993 in whole, or in part
<br /> in inverse numerical order, at the following times and at
<br /> the following prices, expressed as a percentage of par, plus
<br /> accrued interest to the date of redemption:
<br /> July 1, 1993 and January 1, 1994, at 102%
<br /> July 1, 1994 and January 1, 1995 , at 101. 5%
<br /> July 1, 1995 and January 1, 1996 , at 101%
<br /> July 1, 1996 and January 1, 1997, at 100. 5%
<br /> July 1, 1997 and on any semiannual interest payment
<br /> date thereafter, at 100%
<br /> Interest on any bonds so called for redemption shall
<br /> cease on such redemption date unless the same shall not be
<br /> redeemed upon presentation made pursuant to such call.
<br /> Notice of any such redemption shall be given by one
<br /> publication thereof in the official City newspaper not more
<br /> than forty nor less than thirty days prior to said redemp-
<br /> tion date, and by mailing a like notice at the same time to
<br /> Seattle-Northwest Securities Corporation, Seattle, Wash-
<br /> ington, or the successor in business thereof at its main
<br /> office. In addition, such notice of redemption shall also
<br /> be mailed to Moody' s Investors Service, Inc. , and to Stan-
<br /> dard & Poor' s Corporation at their main offices in New York,
<br /> New York, or to the business successors of such firms, if
<br /> any, at their main offices.
<br /> This bond is one of an issue of three thousand ninety-
<br /> six bonds of the City of like denomination, date and tenor
<br /> except as to number, rate of interest, and date of maturity
<br /> in the aggregate principal amount of $15,480 ,000. This
<br /> issue of bonds is authorized by Ordinance No. of the
<br /> City (herein called the "Bond Ordinance" ) for the purpose of
<br /> providing money to pay part of the cost of refunding the
<br /> outstanding indebtedness of the City payable from the revenues
<br /> of the water and sewer system of the City, all in conformity
<br /> with the laws of the State of Washington.
<br /> -29-
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