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October 1, 1986 (the " 1985 Notes" ) , for the purpose of paying a <br /> part of the cost of carrying out the improvements ordered in <br /> Local Improvement District No . 719 ; and <br /> WHEREAS, the City Council deems it to be in the best <br /> interest of the City that the City borrow money and issue <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 . 1141-85 for the <br /> purpose of providing the funds with which to pay part of the <br /> costs of paying and redeeming the 1985 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 . 719 (the "Notes" ) shall <br /> be issued in the principal sum of $3 , 000 , 000 to pay part of the <br /> cost of paying and redeeming the 1985 Notes . The Notes shall be <br /> issued as bearer notes; shall be in the denomination of $5 , 000 <br /> or any integral multiple thereof ; and shall be numbered from " 1" <br /> upward consecutively. The Notes shall be dated October 1 , 1986 ; <br /> shall mature October 1, 1987 ; and shall bear interest at the <br /> rate of 5 . 5% per annum (computed on the basis of a 360-day year <br /> of twelve 30-day months) , payable at maturity. The City Council <br /> - 2 - <br />