Ordinance 1504-88 - Laserfiche WebLink

improvements or portions thereof by reason of changed conditions or needs, incompatible development, costs substantially in excess of the amount of Bond proceeds or tax levies estimated to be applied thereto, or acquisition by a superior governmental authority, the City shall not be required to accomplish such improvement. If any or all of the improvements of a Project have either been completed, or their completion duly provided for, or their completion found to be impractical, the City may apply the Bond proceeds or any portion thereof to other capital purposes of the City as may be permitted by law or to redemption of the Bonds as the Council, by ordinance and in its discretion shall determine. In the event funds are insufficient to make all of the capital improvements of a specific project herein authorized, the City shall use the available funds for paying costs of those improvements for which tax levies and bonds were approved which are deemed most necessary and in the best interests of the City by the Council . None of the proceeds of the Bonds shall be expended for the replacement of equipment or for other than a capital purpose. SECTION 3 . Authorization of Bonds. The City hereby autho- rizes the issuance and sale of the Bonds in the aggregate prin- cipal amount of $6, 600, 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, Unlimited 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 -5- KR258 88/07/06