Ordinance 1740-90 - Laserfiche WebLink

impractical, the City may apply the Bond proceeds or any portion thereof to other capital purposes of the City as may be permitted by law or to redemption of the Bonds as the Council, by ordinance and in its discretion shall determine. In the event funds are insufficient to make all of the capital improvements of all or a portion of the Project herein authorized, the City shall use the available funds for paying costs of those improvements for which tax levies and bonds were approved which are deemed most necessary and in the best interests of the City by the Council. The City hereby finds and determines that the public inter- est, welfare and benefit of the inhabitants of the City require that the City construct and acquire the Project, and the City hereby approves the Project and authorizes the appropriate City officers to do all things necessary to proceed with their implementation. SECTION 3 . Authorization of Bonds. The City hereby autho- rizes the issuance and sale of the Bonds in the aggregate prin- cipal amount of $2,756, 250 to provide funds to pay the cost of the Project and costs incidental thereto and to the issuance of the Bonds. The Bonds shall be general obligations of the City; shall be designated "City of Everett, Washington, Limited Tax Levy General Obligation Bonds, 1990, Series B" shall be dated October 1, 1990, shall be issued in fully registered form in the denomination of $5, 000 or any integral multiple thereof, provided than Bond No. 1 shall be issued in the denomination of $6,250; and provided further that no Bond shall represent more than one maturity, and shall be numbered separately and in such manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification and control; shall bear interest from their date, until the Bonds have been paid or their -6- KR113 90/09/17