Ordinance 3782 - Laserfiche WebLink

, r • In the event there shall be any moneys left from the pro- ceeds of the sale of the bonds authorized by this ordinance after all of such improvements are completed, then such surplus moneys shall be used by the city to construct, reconstruct, widen, pave and make such other improvements to arterial streets within the city as deemed most necessary and advisable by the City Council. Section 3. That for the purpose of providing funds neces- sary to pay part of the cost of the above-described improvements, the city shall issue and sell its general obligation bonds in the prin- cipal sum of $1,250,000. Said bonds shall bear interest at a rate of not to exceed 6% per annum, shall mature in from two to ten years from date of issue in such amounts as will as nearly as practicable, together with the interest thereon, be met by equal annual tax levies to be made upon all the taxable property within the city without limitation as to rate or amount. The exact date, form, terms and maturities of said bonds shall be as hereafter fixed by ordinance of the city. Section 4. It is hereby found and declared that an emer- gency exists requiring the submission to the qualified electors of the city of the proposition of whether or not the city should issue said bonds for such purpose at a special election to be held therein on the 8th day of November, 1960, in conjunction with the general county and state election to be held the same date. The Snohomish County Auditor as ex officio supervisor of elections to be held at the same time as the county and state gen- eral election is hereby requested to call and conduct said special election to be held within the city on said date and to submit to the qualified electors of the city at said special election the pro- position hereinafter set forth. The City Clerk is hereby authorized 3.