Ordinance 1201-85 - Laserfiche WebLink

Section 1 . The total estimated cost and expense of the improvements ordered to be carried out in Local Improvement District No . 721 (the "District" ) by Ordinance No . 1178-85 is $676, 100, all of which expense is anticipated to be assessed against the specially benefited properties in the District . Local improvement district bond anticipation notes of the District (the "Notes " ) shall be issued in the principal sum of $475, 000 to pay part of the cost and expense of the improvements and to pay the administrative costs of issuing and selling the Notes . The Notes shall be in the denomination of $5 , 000 each or any integral multiple thereof and shall be numbered from "1" upward consecutively . The Notes shall be dated the date of their issuance; shall mature October 1, 1986; and shall bear interest at the rate of 4,,,?5% per annum (computed on the basis of a 360-day year of twelve 30-day months ) , payable at maturity. Both principal of and interest on the Notes shall be payable solely out of the Local Improvement Fund, District No . 721, created by Ordinance No . 1178-85 (the "Note Fund" ) from the proceeds of local improvement district bonds authorized to be issued by such ordinance or other short-term obligations to be deposited in such fund and/or prepaid special benefit assess- ments deposited in such fund, and from the Local Improvement Guaranty Fund of the City, and shall be payable in lawful money of the United States of America at the office of the City Treasurer or, at the option of the holder, at either fiscal agency of the State of Washington in Seattle, Washington, or New York, New York . The City Council declares and finds that the fixing of the above interest rate is in the best interests of the City. The Notes are issued without the right or option of the City to redeem the same prior to their maturity date . - 2 -