Ordinance 2426-99 - Laserfiche WebLink

warrants." In the alternative,the City hereafter may provide by ordinance for the issuance of other short-term obligations pursuant to chapter 39.50 RCW. If the City shall authorize expenditures to be made for such Improvement(other than for any cost or expense expected to be borne by the City)prior to the date that any short-term obligation or local improvement district bonds are issued to finance the Improvements, from proceeds of interfund loans or other funds that are not, and are not reasonabye expected to be, reserved, allocated on a long-term basis or otherwise set aside to pay the cost of the Improvements herein ordered to be assessed against the property specially benefited thereby, the City declares its official intent that those expenditures, to the extent not reimbursed with prepaid special benefit assessments, are to be reimbursed from proceeds of short-term obligations or local improvement district bonds that are expected to be issued for the Improvements in a principal amount not exceeding $1,005,580. The City is authorized to issue local improvement district bonds for the District which shall bear interest at a rate and be payable on or before a date to be hereafter fixed by ordinance. The bonds shall be issued in exchange for and/or in redemption of any and all revenue warrants issued hereunder or other short-term obligations hereafter authorized and not redeemed in cash within twenty days after the expiration of the thirty day period for the cash payment without interest of assessments on the assessment roll for the District. The bonds shall be paid and redeemed by the collection of special assessments to be levied and assessed against the property within the District,payable in the annual installments, with interest at a rate to be hereafter fixed by ordinance under the mode of "payment by bonds," as defined by law and the ordinances of the City. The exact form, amount, date, interest rate and denomination of such bonds hereafter shall be fixed by ordinance of the City Council. Such bonds shall be sold in such manner as the City Council hereafter shall determine. Section 6: In all cases where the work necessary to be done in connection with the making of such Improvements is carried out pursuant to contract upon competitive bids (and the City shall have and reserves the right to reject any and all bids),the call for bids shall include a statement that payment for such work will be made in cash warrants drawn upon the Local Improvement Fund. Section 7: The Local Improvement Fund for the District is created and established in the office of the Director of Finance. The proceeds from the sale of revenue warrants or other short- term obligations drawn against the fund which may be issued and sold by the City and the collections of special assessments, interest and penalties thereon shall be deposited in the Local Improvement Fund. Cash warrants to the contractor or contractors in payment for the work to be done by them in connection with the Improvements and cash warrants in payment for all other items of expense in connection with the Improvements shall be issued against the Local Improvement Fund.