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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 <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 . 1178-85 for the <br /> purpose of providing the funds with which to pay the costs of <br /> 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 . 721 (the "Notes" ) shall <br /> be issued in the principal sum of $560 , 000 to pay the cost of <br /> paying and redeeming the 1985 Notes , to capitalize the interest <br /> on the Notes and to pay the administrative costs of issuing and <br /> selling the Notes . The Notes shall be in the denomination of <br /> $5 , 000 or any integral multiple thereof and shall be numbered <br /> from " 1" upward consecutively. The Notes shall be dated <br /> October 1, 1986 ; shall mature October 1 , 1987; and shall bear <br /> interest at the rate of 5 . 375% per annum (computed on the basis <br /> of a 360-day year of twelve 30-day months) , payable at <br /> maturity. The City Council declares and finds that the fixing <br /> of the above interest rate is in the best 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 /> - 2 - <br />