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• <br /> part of the cost of carrying out the improvements ordered in <br /> Local Improvement District No . 717; and <br /> WHEREAS, pursuant to Ordinance No . 1288-86, the City issued <br /> its $560 , 000 par value of Local Improvement District No . 717 <br /> Bond Anticipation Notes dated October 1 , 1986 , and maturing on <br /> October 1, 1987 (the " 1986 Notes" ) , for the purpose of paying <br /> the cost of paying and redeeming the 1985 Notes ; and <br /> WHEREAS, the City Council deems it to be in the best inter- <br /> est of the City that the City borrow money and issue short-term <br /> obligations in accordance with the provisions of Chapter 39 . 50 <br /> RCW in anticipation of the sale of local improvement district <br /> bonds authorized by Ordinance No . 1118-85 for the purpose of <br /> providing the funds with which to pay the costs of paying and <br /> redeeming the 1986 Notes ; and <br /> WHEREAS, Harper, McLean & Company, Seattle, Washington, has <br /> submitted an offer to purchase such short-term bond anticipation <br /> notes on the terms and conditions hereinafter set forth; <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN : <br /> Section 1 . Local improvement district bond anticipation <br /> notes of Local Improvement District No . 717 (the "Notes" ) shall <br /> be issued in the principal sum of $600 , 000 to pay the cost of <br /> paying and redeeming the 1986 Notes and to pay the administra- <br /> tive costs of issuing and selling the Notes . The Notes shall be <br /> in the denomination of $5 , 000 or any integral multiple thereof <br /> and shall be numbered from " 1" upward consecutively. The Notes <br /> shall be dated October 1, 1987; shall mature June 1, 1988 ; and <br /> - 2 - <br />