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same rate for each such Note from and after its maturity until <br /> such Note, both principal and interest , is paid in full or until <br /> sufficient money for such payment in full is on deposit in the <br /> Local Improvement Fund, District No . 721 (the "Note Fund" ) and <br /> such Note has been called for payment . <br /> Both principal of and interest on the Notes shall be <br /> payable in lawful money of the United States of America solely <br /> out of the Note Fund from the proceeds of local improvement <br /> district bonds authorized to be issued by Ordinance No . 1178-85 <br /> or other short-term obligations to be deposited in such fund <br /> and/or prepaid special benefit assessments deposited in such <br /> fund, other money legally available for that purpose and from <br /> the Local Improvement Guaranty Fund of the City, and shall be <br /> payable at the office of the City Treasurer in Everett , <br /> Washington, or, at the option of the holder, at the principal <br /> offices of either of the fiscal agencies of the State of <br /> Washington in Seattle, Washington, and New York, New York. <br /> The Notes are issued without the right or option of the <br /> City to redeem the same prior to their maturity date . <br /> Section 2 . The Notes shall be printed, lithographed or <br /> typed on good bond paper in a form consistent with the provi- <br /> sions of this ordinance and state law, shall be signed by the <br /> Mayor and the City Clerk, one of whose signatures may be in <br /> facsimile, and shall have the seal of the City affixed thereto <br /> as printed thereon. <br /> - 3 - <br />