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Section 5: <br /> Local improvement district warrants may be issued in payment of the cost and expense of the <br /> Improvements herein ordered to be assessed, such warrants to be paid out of the Local <br /> Improvement Fund, District No. 736, hereinafter created and referred to as the Local Improvement <br /> Fund, and, until the bonds referred to in this section are issued and delivered to the purchaser <br /> thereof, to bear interest from the date thereof at a rate to be established hereafter by the Director of <br /> Finance and Budget of the City, as issuing officer, and to be redeemed in cash and/or by local <br /> improvement district bonds herein authorized to be issued, such interest-bearing warrants to be <br /> hereafter referred to as "revenue warrants." In the alternative, the City hereafter may provide by <br /> ordinance for the issuance of other short-term obligations pursuant to chapter 39.50 RCW, or <br /> provide for interim financing by interfund loans. <br /> If the City shall authorize expenditures to be made for the Improvements (other than for any cost or <br /> expense expected to be borne by the City) prior to the date that any short-term obligations or local <br /> improvement district bonds are issued to finance the Improvements, from proceeds of interfund <br /> loans or other funds that are not, and are not reasonably expected to be, reserved, allocated on a <br /> long-term basis or otherwise set aside to pay the cost of the Improvements herein ordered to be <br /> assessed against the property specially benefited thereby, the City declares its official intent that <br /> those expenditures, to the extent not reimbursed with prepaid special benefit assessments, are to be <br /> reimbursed from proceeds of short-term obligations or local improvement district bonds that are <br /> expected to be issued for the Improvements in a principal amount not exceeding $225,000.00 <br /> The City is authorized to issue local improvement district bonds for the District which shall bear <br /> interest at a rate and be payable on or before a date to be hereafter fixed by ordinance. The bonds <br /> shall be issued in exchange for and/or in redemption of any and all revenue warrants issued <br /> hereunder or other short-term obligations hereafter authorized and not redeemed in cash within <br /> twenty days after the expiration of the thirty-day period for the cash payment without interest of <br /> assessments on the assessment roll for the District. The bonds shall be paid and redeemed by the <br /> collection of special assessments to be levied and assessed against the property within the District, <br /> payable in annual installments, with interest at a rate to be hereafter fixed by ordinance under the <br /> mode of "payment by bonds," as defined by law and the ordinances of the City. The exact form, <br /> amount, date, interest rate and denominations of such bonds hereafter shall be fixed by ordinance of <br /> the City Council. Such bonds shall be sold in such manner as the City Council hereafter shall <br /> determine. <br /> Section 6: <br /> In all cases where the work necessary to be done in connection with the making of the <br /> Improvements is carried out pursuant to contract upon competitive bids (and the City shall have and <br /> reserves the right to reject any and all bids), the call for bids shall include a statement that payment <br /> for such work will be made in cash warrants drawn upon the Local Improvement Fund. <br /> 3 <br />