Ordinance 987-83 - Laserfiche WebLink

• note, because of delays in constructing the improvements and closing the final assessment roll of the district, must be funded by the issuance of an additional bond anticipation note; WHEREAS, the City Council deems it to be in the best interest of the City that the City borrow money and issue its short-term obligation or obligations in the form of one or more local improvement district bond anticipation notes for the purpose of providing the funds with which to redeem that Out- standing Note; NOW, THEREFORE , THE CITY COUNCIL OF THE CITY OF EVERETT, WASHINGTON, DOES ORDAIN as follows : Section 1 . Local improvement district bond anticipation notes of Local Improvement District No . 711 ( "LID No . 711" ) shall be issued in the principal amount sufficient to pay the principal of and interest on the Outstanding Note when it matures or is redeemed, but not to exceed $389, 000. The notes shall be numbered from "1" upward; shall be in such denomina- tions as specified by the City Treasurer; shall be dated as of the date of their issuance; shall mature on such date specified by the City Treasurer, but no later than March 16, 1986; shall be payable to the holder or registered owner , if registered; and shall bear interest as determined by the City Treasurer at a fixed rate or a variable rate based on the average of the latest prime rate or rates published in the Wall Street Journal, 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 suffi- cient money for such payment in full is on deposit in the "Local Improvement Fund, District No . 711, " created by Ordinance No . 887-82 , and the notes have been duly called for redemption by the City Treasurer ' s giving written notice to the registered owner of such call at least ten days prior to the call date or, - 2 -