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short-term obligations in accordance with the provisions of <br /> Chapter 39 . 50 RCW in anticipation of the sale ,,Jcal improve- <br /> ment district bonds authorized by Ordinance No . 1185-85 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 Improve- <br /> ment District No . 716A; 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. 716A (the "District" ) by Ordinance No . 1185-85 is <br /> $900 , 800 , approximately $716, 400 of which expense is anticipated <br /> to be assessed against the specially benefited properties in the <br /> District . Local improvement district bond anticipation notes of <br /> the District (the "Notes" ) shall be issued in the aggregate <br /> principal amount of $705, 000 to pay part of the cost and expense <br /> of the improvements , to capitalize interest on the Notes to <br /> November 1, 1987, 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 /> Washington located in Seattle, Washington, and New York, New <br /> - 2 - <br />