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Section 4 . Library Project Funding. For the purpose of <br /> providing the principal amount of $6 , 440 ,000 plus the interest <br /> required to borrow such amount for up to 20 years to pay a <br /> portion of the costs of the Library Project authorized by Section <br /> 2 .B. of this ordinance, the City shall submit to the qualified <br /> electors of the City a proposition as authorized by RCW <br /> 84 . 55 . 050 , as amended by Chapter 169 , Laws of Washington, 1986 , <br /> to exceed the 106% levy limitation on regular property taxes <br /> contained in RCW 84 . 55 .010 by increasing the levy rate of regular <br /> property taxes by a rate not to exceed $0 . 228 per thousand of <br /> assessed value in 1988 through 2007 for collection in 1989 <br /> through 2008 respectively, a period of 20 years. Property taxes <br /> levied in 2008 for collection in 2009 and in later years shall be <br /> computed as if the limitation on levies contained in RCW <br /> 84 . 55 . 010 had been in effect from 1988 through 2007 and authority <br /> to exceed the 106% limitation under this ordinance had not been <br /> approved and such increased property taxes had been made. <br /> Section 5 . Fire Department Project Funding. For the <br /> purpose of providing funds necessary to pay a portion of the <br /> capital costs of the Fire Department Project authorized by <br /> Section 2 .C. of this ordinance, the City hereby authorizes the <br /> issue of its unlimited tax levy general obligation bonds in the <br /> aggregate principal amount of $4 , 142 , 000 . The bonds shall be <br /> issued in such amounts at such time or times as found necessary <br /> and advisable by the legislative authority of the City; may be <br /> issued in one or more series; may be combined with other au- <br /> thorized general obligation bonds of the City and issued and sold <br /> as single issues of City bonds; and shall bear interest payable <br /> at a rate or rates not to exceed a maximum rate authorized by the <br /> legislative authority of the City. The bonds shall mature in <br /> such amounts and at such times within a maximum term of 20 years <br /> from date of issue, but may mature at an earlier date or dates as <br /> JAR79/29 -8- <br />