Ordinance 1739-90 - Laserfiche WebLink

the south branch library project and certain other real property acquisition; and WHEREAS, $1, 055, 000 of the proceeds of the 1988 Bonds were spent on the south branch library project pursuant to said Ordinance No. 1577-89, thereby accomplishing part of the library improvements authorized at the May 19, 1987 special election; and WHEREAS, the City Council deems it necessary and advisable that the City design, acquire, construct and equip the remaining library facilities as authorized by the qualified electors of the City and as contemplated by Ordinance No. 1345-87; and WHEREAS, after taking into consideration the cost of financing of the south branch library project, the remaining principal amount that may be financed from the regular levy lift authorized by the electors of the City at said May 19, 1987 special election is $5, 384, 000; and WHEREAS, in order to provide part of the money for such purposes it is deemed necessary and advisable that the City now issue and sell its limited tax levy general obligation bonds in the principal amount of $5, 384 , 000 ; NOW, THEREFORE, the City of Everett does ordain: SECTION 1. Definitions. As used in this ordinance, the following words shall have the following meanings, unless a different meaning clearly appears from the context: "Bond Fund" means the "City of Everett Limited Tax Levy General Obligation Bond Redemption Fund, 1990, Series A" created by Section 7 hereof. "Bond Register" means the books or records maintained by the Bond Registrar containing the name and mailing address of the owner of each Bond or nominee of such owner and the principal amount and number of Bonds held by each owner or nominee. -2- KR112 90/09/17