Ordinance 3045 - Laserfiche WebLink

OBT-B 10-29-45 5 ORDI=NyTA\CE NO. 3045 . AN ORDINANCE providing for the issuance and sale by the City of Everett of its Water Revenue Refunding Bonds in the principal sum of N10,000, for the purpose of refunding and retiring all of the unpaid bonds , in a like total sum, of its Special Water Revenue Bonds dated December 1, 1936, and providing for the call and payment of said outstanding bonds; creating a special fund for the payment of the principal and interest of the refunding bonds herein authorized; and providing for the execution, sale and delivery of saia refunding bonds . WHEREAS, the City of Everett has now outstanding and unpaid of its Special Water Revenue Bonds dated December 1, 1936, in the principal sum of •;;910,000, bearing interest at the rate of four per cent per annum, and maturing serially an December 1st of the years 1946 to 1952, inclusive; and. WHEREAS, said outstanding bonds can all be called for redemption and payment on the 1st day of December, 1946,. and said City can now issue and sell refunding bonds at a much lower interest rate, and it is , therefore, to the best interests of said. City to issue and sell refunding bonds at this time in order to provide funds to call and pay said outstanding water revenue bonds . NOW, THEREFORE, the CITY OF EVERETT DOES ORDAIN: Section 1. That the City of Everett do now issue and sell its Special Water Revenue Refunding Bonds in the aggregate sum of : 910,000, for the purpose of providing funds to pay and retire all the outstanding Everett Special Water Revenue Bonds dated December 1, 1936, in the principal sum of J910,000, maturing serially on the 1st days of December, 1946 to 1952, inclusive. Section 2. Said refunding bonds shall be dated December 1, 1945, in denominations of 1,000.00 each, numbered from 1 to 910, inclusive, bear Interest payable semiannually at -1-