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CITY OF EVERETT, WASHINGTON <br /> ORDINANCE NO. /.0079-i,` <br /> AN ORDINANCE of the City of Everett, Washington, <br /> relating to Local Improvement District No . 709; amend- <br /> ing Ordinance No . 940-83 ; authorizing the issuance and <br /> sale of local improvement district bond anticipation <br /> notes in Local Improvement District No . 709 pending <br /> the receipt of the proceeds of the local improvement <br /> bonds authorized to be issued by Ordinance No . 812-81, <br /> as amended by Ordinance No . 940-83 ; and providing for <br /> the sale of such bond anticipation notes to Harper, <br /> McLean & Company of Seattle, Washington. <br /> WHEREAS, by Ordinance No . 812-81 passed by the City Council <br /> and approved by the Mayor on November 12 , 1981, as amended by <br /> Ordinance No . 940-83 passed by the City Council and approved by <br /> the Mayor on April 27 , 1983 , the City ordered the construction <br /> and installation of certain street improvements in the area of <br /> Casino Road between Airport Way and Evergreen Way including <br /> portions of Hardeson Road (5th Avenue W) and Evergreen Way, all <br /> in accordance with Resolution No . 1964 of the City Council, <br /> established Local Improvement District No . 709, provided that <br /> payment for the improvement be made by special assessments upon <br /> the property in the district payable by the mode of "payment by <br /> bonds" and provided for the issuance and sale of local improve- <br /> ment district warrants or bond anticipation notes redeemable by <br /> cash and/or by local improvement district bonds; and <br /> WHEREAS, pursuant to Ordinance No . 940-83 the City issued <br /> Local Improvement Bond Anticipation Notes of Local Improvement <br /> District No . 709 dated May 17, 1983 , in the amount of $5, 000,000 <br /> (the "Outstanding Notes" ) , to mature on May 17 , 1984 , which <br /> notes, because of delays in constructing the improvements and <br /> closing the final assessment roll of the district, must be <br /> funded by the issuance of additional bond anticipation notes and <br /> other funds of the City legally available therefor; and <br /> WHEREAS, the City Council deems it to be in the best <br /> interest of the City that the City borrow money and issue its <br />