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RESOLUTION NO.c,V it <br /> A RESOLUTION authorizing the issuance of <br /> installment notes for financing the cost of LID <br /> 720 - Smith Street and establishing the <br /> interest rate on the installment notes and the <br /> outstanding L.I .D . assessments . <br /> WHEREAS , RCW Chapter 35. 45 authorizes the City to issue <br /> installment notes to provide permanent financing for the costs <br /> incurred in local improvement districts, and <br /> WHEREAS, the interest rate on the installment notes and <br /> on the outstanding LID assessments must be established by City <br /> Council . <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of <br /> the City of Everett : <br /> that the Mayor is authorized to sign installment notes <br /> on LID 720 - Smith Street in an amount not to exceed <br /> $25, 000 . 00 and maturing no later than August 23, 2008; <br /> that the rate of interest on the outstanding LID <br /> assessments is set at Eight and one half percent ( 8 . 5%) per <br /> annum, and <br /> that the rate of interest on the installment notes is <br /> set at Eight percent ( 8% ) . <br /> 6 "°' <br /> A _r <br /> , ..„ <br /> C. . 1 Member Introducing Resolution <br /> PASSED AND APPROVED this /0 d y of September, 1986 . <br /> PC . <br /> Council Presi ent <br />