Ordinance 1734-90 - Laserfiche WebLink

• 1 need to be made into the Bond Fund for the payment of the 2 principal of and interest on the Bonds, and the Bonds shall 3 cease to be entitled to any lien, claim, benefit or security of 4 this ordinance or of the Local Improvement Guaranty Fund except 5 the right to receive the money so set aside and pledged, and 6 I thereafter the Bonds shall be deemed not to be outstanding 7 hereunder . 8 Section 10 . Immediately upon receipt of proceeds of the 9 issuance of the Bonds , $49 , 930 of Bond proceeds shall be 10 deposited in the Local Improvement Guaranty Fund. The remaining 11 Bond proceeds shall be used to reimburse the City for expenses 12 incurred in constructing and financing improvements within Local 13 Improvement District No . 724 . Accrued interest, if any, 14 received from the Bond purchasers shall be deposited in the Bond 15 Fund. 16 Section 11 . Harper, McLean & Company and Security Pacific 17 Securities, Inc . , Seattle, Washington, have presented a purchase 18 contract (the "Purchase Contract" ) to the City offering to 19 purchase the Bonds under the terms and conditions provided in 20 the Purchase Contract, which written Purchase Contract is on 21 file with the City Clerk and is incorporated herein by this 22 reference . The City Council finds that entering into the 23 Purchase Contract is in the City' s best interest and therefore 24 accepts the offer contained therein and authorizes its execution 25 by City officials . - 9 -