Ordinance 1180-85 - Laserfiche WebLink

4. ORDINANCE NO. /42) - ?,j AN ORDINANCE of the City of Everett, Washington, relating to Local Improvement District No . 719; authorizing the issuance and sale of local improve- ment district bond anticipation notes pending the receipt of the proceeds of the local improvement district bonds authorized to be issued by Ordinance No . 1141-85; and providing for the sale of such bond anticipation notes to Harper, McLean & Company, Seattle, Washington. WHEREAS, by Ordinance No . 1141-85 passed by the City Council on June 12 , 1985 , and approved by the Mayor on June 13 , 1985 , the City ordered the improvement of a portion of the City by the construction and installation of a sanitary sewer and necessary appurtenances in the Silver Lake area of the City pursuant to property owners ' petition therefor, established Local Improvement District No . 719, provided that payment for the improvement be made by special assessments upon the property in the district payable by the mode of "payment by bonds " and provided for the issuance and sale of local improvement district warrants or other short-term obligations redeemable by cash and/or by local improvement district bonds ; and WHEREAS, the City Council deems it to be in the best inter- est of the City that the City borrow money and issue short-term obligations in accordance with the provisions of Chapter 39 . 50 RCW in anticipation of the sale of local improvement district bonds authorized by Ordinance No . 1141-85 for the purpose of providing the funds with which to pay part of the costs of carrying out the improvements ordered in Local Improvement District No . 719; and WHEREAS, Harper , McLean & Company, Seattle, Washington, Washington, has submitted an offer to purchase such short-term bond anticipation notes on the terms and conditions hereinafter set forth;