Ordinance 1552-88 - Laserfiche WebLink

• 1 hereafter may provide by ordinance for the issuance of other 2 short-term obligations pursuant to Chapter 39 . 50 RCW. 3 The City is authorized to issue local improvement district 4 bonds for the District which shall bear interest at a rate and 5 be payable on or before a date to be hereafter fixed by 6 ordinance . The bonds shall be issued in exchange for and/or in 7 redemption of any and all revenue warrants issued hereunder or 8 other short-term obligations hereafter authorized and not 9 redeemed in cash within twenty days after the expiration of the 10 thirty-day period for the cash payment without interest of 11 assessments on the assessment roll for the District . The bonds 12 shall be redeemed by the collection of special assessments to be 13 levied and assessed against the property within the District, 14 payable in annual installments , with interest at a rate to be 15 hereafter fixed by ordinance under the mode of "payment by 16 bonds , " as defined by law and the ordinances of the City. The 17 exact form, amount, date, interest rate and denominations of 18 such bonds hereafter shall be fixed by ordinance of the City 19 Council . Such bonds shall be sold in such manner as the City 20 Council hereafter shall determine . 21 Section 7 . In all cases where the work necessary to be 22 done in connection with the making of such improvement is 23 carried out pursuant to contract upon competitive bids (and the 24 City shall have and reserves the right to reject any and all 25 bids) , the call for bids shall include a statement that payment - 5 -