Ordinance 1065-84 - Laserfiche WebLink

• • CITY OF EVERETT, WASHINGTON ORDINANCE NO. (06..5g171 AN ORDINANCE of the City of Everett, Washington, relating to contracting indebtedness; providing for the issuance, specifying the maturities, maximum effective interest rate, terms and covenants of $700,000 par value of "Limited Tax General Obligation Bonds, 1984 , " of the City for strictly City purposes to provide funds with which to pay the assessments levied on property owned by the City in Local Improvement District No. 709 of the City; establish- ing a bond redemption fund and a construction fund; and providing for the sale of such bonds . WHEREAS, the City of Everett, Washington (the "City" ) , is in need of paying the assessments levied on property owned by the City in Local Improvement District No . 709 of the City, the estimated cost of which is $700,000 and the City does not have available sufficient funds to pay the cost; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EVERETT, WASHINGTON, DO ORDAIN as follows : 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 1984 is $2, 609, 818, 272, and the City has outstanding general indebtedness evidenced by limited tax general obligation bonds of $4 , 320,000 and by installment purchase contracts of $265, 429 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, unlimited tax general obligation bonds in the principal amount of $2, 935, 000 incurred within the limit of up to 2-1/2% of the value of the taxable property within the City for capital purposes only pursuant to a vote of the qualified voters of the City, and the amount of indebtedness for which bonds are herein authorized to be issued is $700, 000 .