Ordinance 15-69 - Laserfiche WebLink

♦ . WHEREAS , Section 9 o said Ordinance No. 3955 incorporated and adopted as a part thereof the provisions of Section 11 of Ordinance No. 3768 and provided that additional sewer revenue bonds could be issued by the city on a parity with said September 1 , 1960 and July 1 , 1963 sewer revenue bonds if the same conditions as provided in Section 11 of said Ordinance No. 3768 were met ; and WHEREAS , it appears to the Council of the City of Everett that said conditions can be met and that it is to the best interests of the city and its inhabitants that the bonds authorized herein be issued on a parity with such September 1, 1960 and July 1, 1963 sewer revenue bonds ; and WHEREAS , it is necessary that the date , form, terms , maturities , covenants' and conditions of said bonds to be issued now be fixed; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1 . As used in this ordinance the following words and phrases shall have the meanings hereinafter set forth unless the context shall clearly indicate that another meaning is intended. (a) The term "Outstanding Parity Bonds" shall mean the sewer revenue bonds of the city in the aggregate principal amounts of $2,700 ,000 issued under date of September 1, 1960 and $4 ,200 ,000 issued under date of July 1 , 1963. The Outstanding Parity Bonds (of which there are presently outstanding $2, 355 ,000 of the 1960 bonds and $3 ,870 ,000 of the 1963 bonds ) are the only revenue bonds of the city outstanding at this time for the payment of the principal of and interest on which the money in the Sewer Revenue Fund (hereinafter defined) has been pledged. (b ) The term "Bonds" shall mean the sewer revenue bonds of the city in the aggregate principal amount of $2 ,600 ,000 issued pursuant to and for the purposes authorized and provided in this ordinance . 2.