Ordinance 3946 - Laserfiche WebLink

ORDINANCE NO. 3946 AN ORDINANCE of the City of Everett, Washington, providing for the payment of the proceeds of sale of the 1963 Water Revenue Refunding Bonds of the City into two previously created bond redemption funds; providing and authorizing the purchase of certain direct obligations of the United States Government out of the money in such funds; providing and directing that the money in such bond redemption funds be used for the payment of interest on and the redemption and retiring of all of the water revenue bonds of the City payable out of such funds; authorizing and directing the City Clerk to call certain out- standing water revenue bonds of the City for redemption on the dates that they may first be redeemed; and declaring an emergency. WHEREAS, pursuant to Ordinance No. 3945 of the City hereto- fore passed and approved the 9th day of April, 1963, the City is issuing $4,235,000 par value of water revenue refunding bonds for the purpose of providing part of the funds to redeem and retire the following-described and outstanding water revenue bonds of the City: Date of Issue Bond Nos. Amount Int. Rate October 1, 1957 301-1715 $1,415,000 4.00% October 1, 1957 1716-3850 2,135,000 4.25% April 1, 1960 11-50 40,000 4.00% April 1, 1960 51-115 65,000 4.25% April 1, 1961 6-31 26,000 2.875% December 15, 1961 1-435 435,000 3.875% December 15, 1961 436-750 315,000 3.80%; and WHEREAS, the bonds of the above-mentioned April 1, 1961 issue are noncallable but mature on October 1 of each of the years 1963 through 1967, and the bonds of the rest of the above-described issues may be called for redemption on the following dates and with the following premiums: