Ordinance 536-78 - Laserfiche WebLink

• EXHIBIT A SAFEKEEPING AGREEMENT THIS AGREEMENT, made and entered into as of the 24th day of August, 1978 by and between the City of Everett, Washington (the "City" ) and Olympic Bank (the "Refunding Trustee" ) ; WITNESSETH : Section 1. Recitals . The City, by Ordinance No. 536-78, adopted August 9 , 1978 (the "Ordinance" ) , has adopted a refunding plan providing for the irrevocable deposit into escrow of direct obligations of the United States sufficient to fully pay the outstanding principal of the following obligations of the City, together with the interest thereon to the maturity or redemption thereof (herein collectively referred to as the "Refunded Obligations") : Contract dated July 21, 1961, with Public Utility District No. 1 of Snohomish County. Water Revenue Refunding Bonds, 1963 , dated April 1, 1963 . Principal outstanding: $1, 685, 000 Water Revenue Bonds, 1965, dated December 1, 1965. Principal outstanding: $11, 900, 000 Sewer Revenue Bonds, 1960 , dated September 1, 1960. Principal outstanding: $1, 640 , 000 Sewer Revenue Bonds, 1963 , dated July 1, 1963. Principal outstanding: $2, 825 , 000 Sewer Revenue Bonds, 1969 , dated May 1, 1969 . Principal outstanding; $2 , 565 , 000 The Refunded Obligations are more fully described in the Ordinance. For the purpose of providing part of the funds necessary to purchase the direct obligations of the United States required for the refunding, the City has, by the Ordinance, authorized the issuance and sale of its Water and Sewer Revenue Refunding Bonds, 1978 (the "Bonds" ) .