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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 . 1130-85 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 . 714"A" (the "Notes" ) <br /> shall be issued in the principal sum of $3 , 220, 000 to pay the <br /> cost of paying and redeeming the 1985 Notes, to capitalize the <br /> interest on the Notes and to pay the administrative costs of <br /> issuing and selling the Notes . The Notes shall be in the <br /> denomination of $5 , 000 or any integral multiple thereof and <br /> shall be numbered from "1" upward consecutively. The Notes <br /> shall be dated October 1, 1986 ; shall mature October 1, 1987; <br /> and shall bear interest at the rate of 5 . 375% per annum (com- <br /> puted on the basis of a 360-day year of twelve 30-day months) , <br /> payable at maturity. The City Council declares and finds that <br /> the fixing of the above interest rate is in the best interests <br /> of the City. <br /> - 2 - <br />