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WHEREAS, pursuant to Ordinance No . 1287-86, the City issued <br /> its $3 , 220 , 000 par value of Local Improvement District No . <br /> 714"A" Bond Anticipation Notes dated October 1, 1986 , and <br /> maturing on October 1, 1987 (the " 1986 Notes" ) , for the purpose <br /> of paying 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 . 1130-85 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 . 714"A" (the "Notes" ) <br /> shall be issued in the principal sum of $3 , 425 , 000 to pay the <br /> cost of paying and redeeming the 1986 Notes and to pay the <br /> administrative costs of issuing and selling the Notes . The <br /> Notes shall be in the denomination of $5 , 000 or any integral <br /> multiple thereof and shall be numbered from "1" upward consecu- <br /> tively. The Notes shall be dated October 1, 1987 ; shall mature <br /> June 1, 1988 ; and shall bear interest at the rate of 5 . 875% per <br /> annum (computed on the basis of a 360-day year of twelve 30-day <br /> - 2 - <br />