Ordinance 536-78 - Laserfiche WebLink

e 0I, 4 r , WHEREAS, Ordinance No. 4113rof the City Council authorizing the issuance of the 1965 Water Bonds provides that the City may call such bonds maturing in the years 2003 and 2004, on December 1, 1996 at par, plus accrued interest; and WHEREAS, after due consideration it appears to the City Council that the obligations of the City under the Sultan River Project Agreement, the 1963 Water Bonds , the 1965 Water Bonds, the 1960 Sewer Bonds, the 1963 Sewer Bonds, and the 1969 Sewer Bonds (hereinafter collectively called the "Refunded Bonds" ) may be refunded by the issuance and sale of the Water and Sewer Revenue Refunding Bonds of the City authorized herein in the principal amount of $15, 480, 000 (hereinafter called the "Bonds" ) ; that such refunding will make it possible to revise covenants and terms and conditions of the Refunded Bonds to the substantial benefit of the City; and that a savings to the City will be effected by the issuance of the Bonds; and WHEREAS, in order to effect such refunding in a manner that would be most advantageous to the City it is hereby found necessary and advisable that certain direct obligations of the United States or of its agencies (hereinafter called the "Acquired Obligations" ) bearing interest and maturing at such times as necessary to pay the principal of and interest on the Refunded Bonds as the same shall become due to and including their maturity or redemption dates be purchased out of the proceeds of sale of the Bonds and out of other available funds of the City; and WHEREAS, it appears to the City Council that it is in the best interest of the City that certain of the Acquired Obliga- tions be purchased from and that the Bonds be sold to Seattle- Northwest Securities Corporation on the terms set forth in their proposal dated July 26, 1978 (as supplemented August 9 , 1978) and as provided in this Ordinance; NOW, THEREFORE, the City of Everett does ordain: -4-