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I <br /> otherwise permitted by law, shall be payable solely out of that <br /> fund or the local improvement guaranty fund of the City. <br /> The short-term obligations may be subject to prior <br /> redemption, may be sold at a discount, at par, or at a premium <br /> and shall be in such denominations and bear such other covenants <br /> respecting payment as the City Finance Director and the City <br /> Treasurer, or either of them may determine. Both principal of <br /> and interest on the short-term obligations shall be payable in <br /> lawful money of the United States of America at the office or <br /> offices of the registrar. <br /> Section 2 . The City Council finds and determines that the <br /> maximum rate of interest and the standards for the index for the <br /> variable interest rates established in this ordinance are in the <br /> best interest of the City. <br /> PASSED by the City Council and approved by the Mayor of the <br /> City of Everett, Washington, at 1gular open public meeting <br /> �� �'� <br /> therof, on the o2 day o , 1987 . <br /> • Ia ...41110.` <br /> MAYOR <br /> ATTEST: <br /> x ,60 <br /> CI -Y CLERK- limemm° <br /> / <br /> PASSED: 42/4242 <br /> 242 <br /> VALID: /c -/per/O"7 <br /> PUBLISHED: /a/ /(7 <br /> 0784e <br /> - 3 - <br />