Ordinance 1233-86 - Laserfiche WebLink

• • qualified voters of the City, and the amount of indebtedness for which the notes are herein authorized to be issued is $4 , 000 , 000 . Section 2 . There is created in the office of the City Treasurer a special fund called the Tax Anticipation Note Fund, 1986 (the "Note Fund" ) . Pending the collection of sales, excise and general ad valorem property taxes to be levied for collec- tion in 1986 and other revenues anticipated to be received for deposit into the General Government and Police Pension Funds of the City in 1986 , the City shall issue and sell its $4 , 000 , 000 tax anticipation notes to be designated Tax Anticipation Notes , 1986 (the "Notes" ) . The Notes shall be numbered from 1 upwards consecutively; shall be in the denomination of $5, 000 each or any integral multiple thereof ; shall be dated April 1, 1986 ; shall mature on December 31, 1986; and shall bear interest at the rate of 1/$ \ per annum (computed on the basis of an actual 365-day year) , payable at maturity, with full obligation on the part of the City to pay interest at the Note rate from and after maturity until the Notes with interest are paid in full or sufficient money for such payment in full is on deposit in the Note Fund and the Notes have been called for redemption. The City Council declares and finds that the fixing of the above interest rate is in the best interests of the City. The Notes shall be general obligations of the City. The Notes are not subject to redemption prior to their maturity date, except that the Notes shall be subject to redemp- tion at par plus accrued interest at any time under the circum- stances set forth in Section 6 of this ordinance . Both principal of and interest on the Notes shall be pay- able in lawful money of the United States of America at the office of the City Treasurer in Everett, Washington, or at either fiscal agency of the State of Washington in Seattle, Washington, or New York, New York. - 2 -