Ordinance 1029-84 - Laserfiche WebLink

short-term obligation or obligations in the form of one or more local improvement district bond anticipation notes for the purpose of providing part of the funds with which to pay, both principal and interest, and redeem the Outstanding Notes; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EVERETT, WASHINGTON, DOES ORDAIN as follows : Section 1 . Section 2 of Ordinance No . 940-83 is amended to read as follows : Section 2 . The total estimated cost and expense of the improvements ordered to be carried out in Local Improvement District No . 709 (the "District" ) by Ordinance No . 812-81 is $6,418 ,000, all of which will be paid from assessments against property within the District . The City Treasurer is authorized to negotiate on behalf of the City for the issuance and sale of local improvement district bond anticipation notes of the District in an amount not to exceed the principal sum of $6,418,000 . The notes shall be numbered from "1" upward; shall be in denominations specified by the City Treasurer; shall be dated as of the date of their issuance; shall mature not later than May 17 , 1986; and shall bear such other terms as negotiated by the City Treasurer and the purchaser of the notes . The notes shall bear interest at a fixed rate or rates, or variable rates based on the average bank prime rate published in the Wall Street Journal, not to exceed 12%, payable at maturity, with full obligation on the part of the City to pay interest at the note 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 "Local Improvement Fund, District No. 709, " created by Ordinance No . 812-81, and the notes have been duly called for redemption by the City Treasurer ' s giving written notice to the initial purchaser (if they are bearer - 2 -