Ordinance 1505-88 - Laserfiche WebLink

• The City hereby finds and determines that the public inter- est, welfare and benefit of the inhabitants of the City require that the City construct and acquire the Projects, and the City hereby approves the Projects and authorizes the appropriate City officers to do all things necessary to proceed with their implementation. SECTION 3 . Authorization of Bonds. The City hereby autho- rizes the issuance and sale of the Bonds in the aggregate prin- cipal amount of $8, 250, 000 to provide funds to pay the cost of the Projects and costs incidental thereto and to the issuance of the Bonds. The Bonds shall be general obligations of the City; shall be designated "City of Everett, Washington, Limited Tax Levy General Obligation Bonds, 1988, " shall be dated July 1, 1988, shall be issued in fully registered form in the denomination of $5, 000 or any integral multiple thereof, provided that no Bond shall represent more than one maturity; shall be numbered sepa- rately and in such manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification and control; shall bear interest from their date, until the Bonds have been paid or their payment duly provided for, payable on July 1, 1989, and semiannually thereafter on the first day of each July and January; and shall mature on July 1 of each year as follows: Maturity Principal Maturity Principal Year Amount Year Amount 1989 $340, 000 1997 $ 560, 000 1990 360, 000 1998 595,000 1991 380, 000 1999 640, 000 1992 405, 000 2000 685, 000 1993 430, 000 2001 735,000 1994 460, 000 2002 795, 000 1995 490, 000 2003 855, 000 1996 520, 000 The Bonds shall bear interest at such rate or rates as are established by subsequent resolution of the Council adopted upon the sale of the Bonds as provided herein. -5- KR257 88/07/06