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Section 11. The action of the City Council in heretofore <br /> accepting the written offer of Wm. P. Harper & Son & Company, invest- <br /> ment bankers of Seattle, Washington, dated February 9, 1960, to <br /> purchase the Bonds under the terms and conditions thereof as required <br /> in said offer and as set forth in this ordinance and at the price of <br /> $98.50 per $100 par value, is hereby in all respects ratified and confirmed <br /> Upon the delivery of the Bonds to said purchasers, the pro- <br /> ceeds of the sale thereof (except for any accrued interest, which shall <br /> be paid into the Bond Redemption Fund) shall be paid into the Construction <br /> Fund created by Section 4 of Ordinance No. 3633, and shall be used only <br /> for the purposes provided in said section and in this ordinance. <br /> Section 12. It is hereby found and declared that it is neces- <br /> sary to obtain the money to be derived from the proceeds of the sale of <br /> the Bonds as soon as possible in order for the city to meet its current <br /> obligations of paying the cost of acquiring, constructing and installing <br /> the additions and improvements to and extensions of the System authorized <br /> by said Ordinance No. 3631. Therefore, an emergency is hereby declared <br /> to exist, and this ordinance is hereby declared to be in full force and <br /> effect from and after its passage, approval and publication as required <br /> by law. <br /> PASSED UNANIMOUSLY by the City Council of the City of Everett, <br /> Washington, at a regular meeting of said Council duly held this <br /> day of March, 1960, and approved by the Mayor on said date. <br /> CITY OF:. EVgRETT, WASHINGTON <br /> Mayor <br /> ATTEST: <br /> e-x,ice• <br /> City Clerk <br /> APPROVED AS TO FORM: <br /> i <br /> City Attorney <br /> PASSED: March 1960 <br /> PUBLISHED: March , 1960 <br /> -14- <br />