Ordinance 1505-88 - Laserfiche WebLink

ORDINANCE NO. ,50 S iQ AN ORDINANCE OF THE CITY COUNCIL OF EVERETT, WASHINGTON, ADOPTING AND AUTHORIZING A PLAN OF ACQUISITIONS AND IMPROVEMENTS FOR PARK AND LIBRARY FACILITIES OF THE CITY, PROVIDING FOR THE ISSUANCE AND SALE OF LIMITED TAX LEVY GENERAL OBLIGATION BONDS OF THE CITY IN THE PRINCIPAL AMOUNT OF $8,250, 000, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY FOR PART OF SAID ACQUISITIONS AND IMPROVEMENTS; PROVIDING THE DATE, FORM, TERMS AND MATURITIES OF SAID BONDS; PROVIDING FOR THE DISPOSITION OF THE PROCEEDS OF SALE OF SUCH BONDS; PROVIDING FOR THE ANNUAL LEVY OF TAXES TO PAY THE PRINCIPAL OF AND INTEREST ON SAID BONDS; AND PROVIDING FOR THE SALE THEREOF. WHEREAS, the City Council (the "Council" ) of Everett, Washington (the "City" ) , deems it necessary and advisable that the City design, acquire, construct and equip certain park and library facilities within the City; 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 $8,250, 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: (a) "Bond Fund" means the "City of Everett Limited Tax Levy General Obligation Bond Redemption Fund, 1988" created by Section 7 hereof. (b) "Bond Register" means the books or records main- tained 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.