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"IP <br /> ORDINANCE NO. 2607-02 <br /> AN ORDINANCE OF THE CITY OF EVERETT, WASHINGTON, <br /> AUTHORIZING THE ISSUANCE OF WATER AND SEWER <br /> REVENUE REFUNDING BONDS OF THE CITY IN THE <br /> PRINCIPAL AMOUNT OF $5,260,000 FOR THE PURPOSE OF <br /> CURRENTLY REFUNDING CERTAIN OUTSTANDING <br /> WATER AND SEWER REVENUE BONDS; PROVIDING THE <br /> DATE, FORM, TERMS, MATURITIES AND COVENANTS OF <br /> THE BONDS; APPROVING A PURCHASE CONTRACT FOR <br /> THE BONDS; RESERVING THE RIGHT TO ISSUE REVENUE <br /> BONDS ON A PARITY WITH THE BONDS HEREIN <br /> AUTHORIZED UPON COMPLIANCE WITH CERTAIN <br /> CONDITIONS; AND APPROVING AN AGREEMENT FOR <br /> ONGOING DISCLOSURE. <br /> WHEREAS, the City of Everett, Washington (the "City") now owns and operates a <br /> combined water and sewer system (the "System"); and <br /> WHEREAS, the City has outstanding its Water and Sewer Revenue Project Bonds, <br /> Series 1992B, issued under date of October 15, 1992, pursuant to Ordinance No. 1891-92, <br /> maturing in principal amounts and bearing interest as follows: <br /> Maturity Years <br /> (July 1) Principal Amounts Interest Rates <br /> 2002 $360,000 5.50% <br /> 2003 380,000 5.60 <br /> 2004 405,000 5.80 <br /> 2005 425,000 5.90 <br /> 2006 450,000 5.90 <br /> 2007 475,000 6.00 <br /> 2008 505,000 6.00 <br /> 2012 2,350,000 6.10 <br /> (the "1992 Bonds"); and <br /> WHEREAS, the 1992 Bonds maturing on and after July 1, 2003 (the "Refunded Bonds") <br /> may be redeemed at a price of 101% of par plus accrued interest to the date of redemption on <br /> July 1, 2002; and <br />