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• <br /> Section 5: Local improvement district warrants may be issued in <br /> payment of the cost and expense of the improvement herein ordered to be <br /> assessed, such warrants to be paid out of the "Local Improvement Fund, District <br /> No. 717," hereinafter created and referred to as the "Local Improvement Fund," <br /> and, until the bonds referred to in this section are issued and delivered to the <br /> purchaser thereof, to bear interest from the date thereof at a rate to be <br /> established hereafter by the City Treasurer, as issuing officer, and to be redeemed <br /> in cash and/or by local improvement district bonds herein authorized to be issued, <br /> such interest-bearing warrants to be hereafter referred to as "revenue warrants." <br /> In the alternative, the City hereafter may provide by ordinance for the issuance of <br /> other short-term obligations pursuant to Chapter 39.50 RCW. <br /> The City is authorized to issue local improvement district bonds for the <br /> District which shall bear interest at a rate and to be payable on or before a date <br /> to be hereafter fixed by ordinance. The bonds shall be issued in exchange for <br /> and/or in redemption of any and all revenue warrants issued hereunder or other <br /> short-term obligations hereafter authorized and not redeemed in cash within <br /> twenty days after the expiration of the thirty-day period for the cash payment of <br /> assessments without interest on the assessment roll for the District. The bonds <br /> shall be redeemed by the collection of special assessments to be levied and <br /> assessed against the property within the District, payable in annual installments, <br /> with interest at a rate to be hereafter fixed by ordinance under the mode of <br /> "payment of bonds," as defined by law and the ordinances of the City. The exact <br /> form, amount, date, interest rate and denominations of such bonds shall be <br /> hereafter fixed by ordinance of the City Council. Such bonds shall be sold in such <br /> manner as the City Council shall hereafter determine. <br /> Section 6: In all cases where the work necessary to be done in <br /> connection with the making of such improvement is carried out pursuant to <br /> contract upon competitive bids (and the City shall have and reserves the right to <br /> reject any and all bids), the call for bids shall include a statement that payment <br /> for such work will be made in cash warrants drawn upon the "Local Improvement <br /> Fund." <br /> -3- <br />