Ordinance 1233-86 - Laserfiche WebLink

ORDINANCE NO. M'33-YC AN ORDINANCE of the City of Everett, Washington, authorizing the issuance of tax anticipation notes for the purpose of paying City expenses pending the receipt of general City taxes ; creating a note redemption fund; and providing for the sale of those notes to Harper, McLean & Company of Seattle, Washington. WHEREAS, the City Council of the City of Everett, Washington (the "City" ) , finds that the periodic collections of sales , excise and general ad valorem taxes and other revenues in 1986 will not be sufficient to meet necessary City expenses as they are incurred in 1986, and that it is in the best interest of the City to contract short-term debt pursuant to Chapter 39 . 50 RCW to pay those expenses, such debt to be paid on April 1, 1987, from taxes and other revenue collected by the City; THE CITY OF EVERETT, WASHINGTON, DOES ORDAIN: Section 1 . The assessed valuation of the taxable property of the City as ascertained by the last preceding assessment for City purposes for the year 1985 for tax collection in the year 1986 is $2 , 727 , 521, 861, and the City has $6 , 750, 347 of out- standing general indebtedness evidenced by limited tax general obligation bonds in the amount of $1, 180, 000 , installment purchase contracts in the amount of $20 , 347 and the antici- pation notes in the amount of $3 , 000, 000, which mature on March 26, 1986 , incurred within the limit of up to 3/4 of 1% of the value of the taxable property within the City permitted for general municipal purposes without a vote of the qualified voters therein, and unlimited tax general obligation bonds in the principal amount of $2 , 550 , 000 within the limit of up to 2-1/2% of the value of the taxable property within the City for general capital purposes issued pursuant to a vote of the