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cost of these improvements and of issuance of the Bonds is $1,700,000, which shall be provided <br /> from the proceeds of the sale of the Bonds. <br /> Section 3. Purpose, Authorization and Description of Bonds. For the purposes of <br /> financing improvements to the City-owned golf course and related facilities and paying costs of <br /> issuing the Bonds,the City shall issue and sell the Bonds in the principal amount of$1,700,000. <br /> The Bonds shall be designated the "City of Everett, Washington, Limited Tax General <br /> Obligation Bonds, 1998" shall be dated as of August 1, 1998, shall be fully registered as to both <br /> principal and interest, shall be in the denomination of $5,000 each or any integral multiple <br /> thereof, provided that no Bond shall represent more than one maturity, shall be numbered <br /> separately in such manner and with any additional designation as the Bond Registrar deems <br /> necessary for purposes of identification and control, and shall bear interest payable on <br /> March 1, 1999, and semiannually thereafter on the first days of September and March. Interest <br /> on the Bonds shall be calculated based on a 360-day year of twelve 30-day months. The Bonds <br /> shall bear interest at the following rates and mature on September 1 in the following years and in <br /> the following amounts: <br /> -4- SCO1B DCC <br />