Ordinance 1504-88 - Laserfiche WebLink

V s:IS— ORDINANCE NO. 150 Li- 8 2 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF EVERETT, WASHINGTON, PROVIDING FOR THE ISSUANCE AND SALE OF UNLIMITED TAX LEVY GENERAL OBLIGATION BONDS OF THE CITY IN THE AMOUNT OF $6, 600, 000, FOR THE PURPOSE OF PROVIDING FUNDS TO CONSTRUCT AND EQUIP A LOW-INCOME SENIOR CITIZEN HOUSING FACILITY AND MAKE IMPROVEMENTS TO THE EXISTING EVERETT SENIOR CENTER; 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, at an election held on February 2, 1988, the number and proportion of the qualified electors of the City of Everett (the "City" ) required by law for the adoption thereof voted in favor of a proposition authorizing the issuance of unlimited tax levy general obligation bonds of the City in the principal amount not to exceed $6, 600, 000 for the purpose of constructing and equipping a low-income elderly persons housing facility and making improvements to the existing Everett Senior Center, as authorized by Ordinance No. 1406-87 of the City; and WHEREAS, the City and the Housing Authority of the City of Everett (the "Authority" ) have heretofore entered into a Housing Cooperation Agreement pursuant to Ordinance No. 1406-87 of the City with respect to the construction of the new low-income elderly persons housing facility; and WHEREAS, it is deemed necessary and advisable that the City now provide for the issuance and sale of such bonds so authorized for the purposes authorized by Ordinance No. 1406-87 and said Housing Cooperation Agreement; 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: