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WHEREAS, the City Council deems it to be in the best <br /> interest of the City that the City borrow money and issue its <br /> short-term obligations in accordance with the provisions of <br /> Chapter 39 . 50 RCW in anticipation of the sale of local improve- <br /> ment district bonds authorized by Ordinance No . 1324-87 for the <br /> purpose of providing the funds with which to pay a part of the <br /> costs of carrying out the improvements ordered in Local <br /> Improvement District No . 726 ; 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 . The total estimated cost and expense of the <br /> improvements ordered to be carried out in Local Improvement <br /> District No . 726 (the "District" ) by Ordinance No . 1324-87 is <br /> $7, 300 , 000 , all of which expense is anticipated to be assessed <br /> against the specially benefited properties in the District . <br /> Local improvement district bond anticipation notes of the <br /> District (the "Notes" ) shall be issued in the aggregate princi- <br /> pal amount of $2 , 750 , 000 to pay part of the cost and expense of <br /> the improvements and to pay the administrative costs of issuing <br /> and selling the Notes . The Notes shall be in fully registered <br /> form; shall be in the denomination of $5 , 000 each or any inte- <br /> gral multiple thereof ; and shall be numbered separately and in <br /> the manner and with any additional designation as the Note <br /> Registrar (collectively, the fiscal agencies of the State of <br /> - 2 - <br />