Ordinance 1505-88 - Laserfiche WebLink

r (b) The remaining proceeds shall be deposited to the Projects Fund and used to pay costs of the Projects and all costs incidental thereto and to the issuance of the Bonds, and to reimburse any other City funds utilized to pay costs of the Projects. Moneys remaining in the Projects Fund after all of the costs of the Projects have been paid, may be used for any lawful City purpose, including deposit into the Bond Fund for the payment of the Bonds. Moneys in the Projects Fund may be invested as per- mitted by law. Any moneys of the City to be used to pay costs of the Project which are not Bond proceeds shall not be deposited in the Projects Fund. Moneys in the Projects Fund may be used to pay the Rebate Amount. SECTION 15. Assessed Value and Existing Bonded Debt. The actual value of the taxable property within the City as ascer- tained by the Snohomish County Assessor in 1987 for purposes of 1988 taxation is $2, 964, 886, 012 . The principal amount of out- standing non-voted general obligation bonded indebtedness of the City, including the principal amount of the Bonds, as of May 31, 1988, is $9, 262, 902 . The principal amount of outstanding general obligation bonded indebtedness of the City, whether voted or non-voted, including the principal amount of the Bonds, as of May 31, 1988, is $11,082,902 . SECTION 16. Sale of the Bonds. The Bonds shall be sold at public sale in accordance with the terms and conditions set forth in the official Notice of Bond Sale attached hereto as Exhibit A and incorporated herein by this reference. The council shall authorize such sale by resolution adopted on the sale date set forth in said Notice of Sale. The City Clerk is hereby authorized and directed to cause the Notice of Bond Sale substantially in the form attached hereto as Exhibit A, to be published prior to such -20- KR257 88/07/06 R