Ordinance 1065-84 - Laserfiche WebLink

Section 2 . The City shall borrow money on the credit of the City and issue negotiable limited tax general obligation bonds evidencing such indebtedness in the amount of $700, 000 for general City purposes to provide the funds to pay the assess- ments levied on property owned by the City in Local Improvement District No . 709 of the City and to pay the cost of the issu- ance, sale and administration of the bonds . Such general indebtedness to be incurred shall be 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. Section 3 . The bonds shall be called "Limited Tax General Obligation Bonds, 1984 " (the "Bonds" ) , of the City; shall be dated September 1, 1984 ; shall be in denomination of $5,000 each or any integral multiple threof within a single maturity; shall be numbered separately and in the manner and with any additional designation as the Bond Registrar (collectively, the fiscal agencies of the State of Washington located in Seattle, Washington, or New York, New York) deems necessary for the purpose of identification; and shall bear interest at the rates set forth below, payable on September 1, 1985, and semiannually thereafter on each succeeding March 1 and September 1, and, if any Bond is not redeemed upon proper presentment on its maturity or call date, with full obligation on the part of the City to pay interest at the same rate from and after the maturity or call date until that Bond, with interest, is paid in full or sufficient money for such payment is on deposit in the City' s "Limited Tax General Obligation Bond Fund, 1984 , " hereafter created and that Bond has been called for payment in the manner set forth hereafter . The Bonds shall bear interest and mature on September 1 in the years and amounts as follows : - 2 -