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months) , payable at maturity. The City Council declares and <br /> finds that the fixing of the above interest rate is in the best <br /> interests of the City. <br /> If any Note is not redeemed upon proper presentment at its <br /> maturity, the City shall be obligated to pay interest at the <br /> same rate for each such Note from and after its maturity until <br /> such Note, both principal and interest, is paid in full or until <br /> sufficient money for such payment in full is on deposit in the <br /> Local Improvement Fund, District No . 714"A" (the "Note Fund" ) , <br /> and such Note has been called for payment . <br /> Both principal of and interest on the Notes shall be pay- <br /> able in lawful money of the United States of America solely out <br /> of the Note Fund from the proceeds of local improvement district <br /> bonds authorized to be issued by Ordinance No . 1130-85 or other <br /> short-term obligations to be deposited in such fund and/or <br /> prepaid special benefit assessments deposited in such fund, <br /> other money legally available for that purpose and from the <br /> Local Improvement Guaranty Fund of the City, and shall be pay- <br /> able at the principal offices of either of the fiscal agencies <br /> of the State of Washington in Seattle, Washington, and New York, <br /> New York. <br /> The Notes are issued without the right or option of the <br /> City to redeem the same prior to their maturity date . <br /> Section 2 . The Notes shall be printed, lithographed or <br /> typed on good bond paper in a form consistent with the pro- <br /> visions of this ordinance and State law, shall be signed by the <br /> - 3 - <br />