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-r 4!!!!!! mm <br /> RESOLUTION NO. 3674 <br /> EVERETT <br /> A RESOLUTION of the City Council of Everett, <br /> Washington, accepting bids for the purchase <br /> of water and sewer revenue bonds in the <br /> principal amount of $8,000,000, and fixing <br /> the interest rate and certain terms and <br /> conditions of such bonds. <br /> WHEREAS, the City Council of Everett, Washington (the "City") by Ordinance <br /> No. 1891-92 passed on September 23, 1992, authorized the issuance and sale <br /> of the City's Water and Sewer Revenue Refunding Bonds, 1992 (the <br /> "Refunding Bonds") and its Water and Sewer Revenue Bonds, 1992 (the <br /> "Project Bonds") (together, the "Bonds") to provide part of the funds <br /> necessary to construct certain capital improvements to the water and sewer <br /> system of the City and to accomplish a refunding of certain outstanding <br /> water and sewer bonds of the City; and <br /> WHEREAS, a preliminary official statement has been prepared for the public <br /> sale of the Bonds, notice of such sale has been duly published and given <br /> as required by law and bids have been received pursuant to such notice; and <br /> WHEREAS, the City Finance Director has determined to withdraw the sale of <br /> the Refunding Bonds due to adverse market conditions; and <br /> WHEREAS, the bid of Prudential Securities, Inc. to purchase the Project <br /> Bonds is the best bid received, and it is in the best interest of the City <br /> that the Project Bonds be sold to such firm on the terms set forth in its <br /> bid and in Ordinance No. 1891-92; <br /> NOW, THERFORE, the City Council of Everett, Washington, hereby resolves as <br /> follows: <br /> Section 1. Acceptance of Bids and Establishment of Terms. The bid to <br /> purchase the Project Bonds, as set forth in Exhibit A is hereby accepted. <br /> The Bonds shall mature in the years and amounts and bear interest at the <br /> rates set forth in Exhibit B, and the Project Bonds maturing in 2009 <br /> through 2012 are hereby designated as Term Bonds maturing in 2012 with <br /> sinking fund payments as specified in Exhibit A. <br /> Section 2. Withdrawal of the Refunding Bonds. The withdrawal of the <br /> Refunding Bonds from the public offering is hereby approved. <br /> Section 3. Additional Authority. The City officials, their agents and <br /> representatives are hereby authorized and directed to do everything <br /> necessary for the prompt issuance and delivery of the Bonds and for the <br /> proper use and application of the proceeds of such sale. <br /> unciiman introd ing ution <br /> PASSED and APPROVED t ' 30 h day of September, 1992. <br /> Council Pr-sident <br />