Ordinance 1117-85 - Laserfiche WebLink

CITY OF EVERETT, WASHINGTON ORDINANCE NO. /1/ 7-g.4- AN 1/ 7 gS- AN ORDINANCE of the City of Everett, Washington, authorizing the i.,buance of tax anticipation notes for the purpose of paying City expenses pending the receipt of general City taxes; creating a tax antici- pation note fund; and providing for the sale of such notes to Harper , McLean & Company. WHEREAS, the City Council finds that periodic collections of general taxes and other revenues in 1985 will not be suffi- cient to meet necessary City expenses as they are incurred and that it is in the best interest of the City to contract short- term debt pursuant to Chapter 216 , Laws of 1982 , as amended, to pay those expenses , such debt to be paid from taxes collected by the City prior to February 28, 1986 ; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EVERETT 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 calendar year 1985 is $2 ,733, 973 ,298 and the City has outstanding general indebtedness evidenced by limited tax general obligation bonds in the amount of $1, 280, 000, installment contracts and a lease purchase agreement in the amount of $159, 301, and tax anticipation notes, dated March 26 , 1984 , in the amount of $3 , 650,000 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 , 895 ,000 within the limit of up to 2-1/2% of the value of the taxable property within the City for capital purposes issued pursuant to a vote of the qualified voters of. the City, and the amount of indebted- ness for which the Notes are herein authorized to be issued is $3,000, 000 .