Ordinance 976-83 - Laserfiche WebLink

Section 4. Terms of the Bonds. The Bonds shall be issued in such amounts and at such time or times as deemed necessary and advisable by the Council, shall bear interest payable at a rate to be determined by the Council at the time said bonds are sold at public or private sale, as permitted by law, and shall mature within twenty (20) years from the date of issue. Both principal of and interest on the Bonds shall be payable from annual levies in excess of regular property tax levies to be made upon all the taxable property within the City. The exact date, form, terms, maturities and conditions of sale of the Bonds shall be as hereafter fixed by the Council. Section 5 . Proposition for Bonds. The Council hereby finds and declares that an emergency exists requiring the submission to the qualified electors of the City of a proposition regarding the issuance by the City of said bonds for their ratification or rejection at a special election to be held on November 8 , 1983 . The Snohomish County Auditor is hereby requested to call and conduct said election within the City on said date and to submit to the qualified electors of the City the proposition set forth below. The City Clerk is hereby authorized and directed to certify said proposition to said Auditor in the following form: CITY OF EVERETT PROPOSITION NO. GENERAL OBLIGATION BONDS - $9 ,000 ,000 HENRY M. JACKSON CENTER For the purpose of acquiring, constructing and equipping a cultural and conference center to be named the Henry M. Jackson Center, shall the City of Everett, Washington, issue and sell its general obligation bonds in an amount not to exceed $9 ,000 ,000 , maturing within twenty years from date of issue, and payable, both principal and interest, out of annual tax levies in excess of regular property tax levies , all as provided in Ordinance No. of the City? BONDS, YES BONDS, NO -4- WORK16 :EBR