Ordinance 1582-89 - Laserfiche WebLink

• 1 delivered to the purchaser thereof, to bear interest from the 2 date thereof at a rate to be established hereafter by the City 3 Treasurer, as issuing officer , and to be redeemed in cash and/or 4 by local improvement district bonds herein authorized to be 5 issued, such interest-bearing warrants to be hereafter referred 6 to as "revenue warrants . " In the alternative, the City 7 hereafter may provide by ordinance for the issuance of other 8 short-term obligations pursuant to Chapter 39 . 50 RCW. 9 The City is authorized to issue local improvement district 10 bonds for the District which shall bear interest at a rate and 11 be payable on or before a date to be hereafter fixed by 12 ordinance . The bonds shall be issued in exchange for and/or in 13 redemption of any and all revenue warrants issued hereunder or 14 other short-term obligations hereafter authorized and not 15 redeemed in cash within twenty days after the expiration of the 16 thirty-day period for the cash payment without interest of 17 assessments on the assessment roll for the District . The bonds 18 shall be redeemed by the collection of special assessments to be 19 levied and assessed against the property within the District, 20 payable in annual installments , with interest at a rate to be 21 hereafter fixed by ordinance under the mode of "payment by 22 bonds, " as defined by law and the ordinances of the City. The 23 exact form, amount, date, interest rate and denominations of 24 such bonds hereafter shall be fixed by ordinance of the City 25 - 4 -