Ordinance 1117-85 - Laserfiche WebLink

Section 2 . There is created in the office of the City Treasurer a special fund called the Tax Anticipation Note Fund, 1985 (the "Note Fund" ) . Pending the collection of general ad valorem property taxes to be 1<_vied for collection in 1986 and other revenues expected to be received for deposit into the General Government, Emergency Medical Services and Police Pension funds of the City in 1985, the City shall issue and sell its Tax Anticipation Notes, 1985 (the "Notes" ) , issued in the principal sum of $3,000,000 . The Notes shall be numbered from 1 upwards consecutively; shall be in the denomination of $5,000 each or integrals thereof as requested by the purchaser ; shall be dated as of their date of delivery; shall mature on March 26, 1986; and shall bear interest at the rate of 6.25% per annum, payable at maturity, with full obligation on the part of the City to pay interest at the same rate from and after maturity until the Notes with interest are paid in full or until sufficient money for such payment in full is on deposit in the Note Fund and the Notes have been duly called for redemption. Both principal of and interest on the Notes shall be payable at the office of the City Treasurer or at either fiscal agency of the State of Washington in Seattle, Washington, or New York, New York . The Notes shall not be subject to redemption prior to their maturity date . 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 a general obligation of the City. Section 3 . The City irrevocably pledges to budget and levy taxes within the constitutional and statutory tax limitations provided by law without a vote of the electors of the City, upon all property in the City subject to taxation in an amount suffi- cient, together with other money legally available and to be used therefor , to pay the principal of and interest on the Notes - 2 -