Ordinance 536-78 - Laserfiche WebLink

a r into the "Everett 1965 Water Revgnue Bond Redemption Fund" at the , time payments of principal and interest on the 1965 Water Bonds become due, until all of such bonds are paid, or redeemed, amounts sufficient to pay the principal of and interest on the 1965 Water Bonds coming due to and including December 1, 1996, the redemption price payable on December 1, 1996 (par) for the 1965 Water Bonds maturing in the years 2003 and 2004 , and the principal of and interest on the 1965 Water Bonds maturing in the years 1997-2002, inclusive, as the same shall become due. The 1965 Water Bonds maturing in the years 2003 through 2004 are hereby irrevocably called for redemption on December 1, 1996. The Refunding Trustee (hereinafter identified) in concert with the City Treasurer shall give notice of the redemption on the 1965 Water Bonds in the manner required by Ordinance No. 4113 of the City, authorizing the issuance of the 1965 Bonds. E. Sultan River Project Agreement. For the purpose of making payments to Public Utility District No. 1 of Snohomish County in satisfaction of the obligations of the City under the Sultan River Project Agreement, the amount of $23 ,131.21 shall be paid from the 1978 Refunding Account commencing with the month of August, 1978 and continuing to and including the month of August, 1990. F. Safekeeping of Acquired Obligations; Substitution. The money and Acquired Obligations deposited to the credit of the 1978 Refunding Account for the payment of the Refunded Bonds as set forth above shall be set aside and held for the City and for the benefit of the owners and holders of the Refunded Bonds in a trust account for safekeeping in (hereinafter called the "Refunding Trustee" ) . is hereby appointed to act as Refunding Trustee and to hold for the benefit of the owners and holders of the Refunded Bond the Acquired -9-