Ordinance 972-83 - Laserfiche WebLink

0'r ;jk CITY OF EVERETT, WASHINGTON ORDINANCE NO. g7. t'f3 AN ORDINANCE of the City of Everett, Washington, relating to Local Improvement District No . 702; amending Section 3 of Ordinance No . 736-80; authoriz- ing the issuance and sale of local improvement dis- trict bond anticipation notes pending the receipt of the proceeds of the local improvement district bonds authorized to be issued by Ordinance No. 588-79, as amended; and providing for the sale of such bond anticipation notes to Harper , McLean & Company of Seattle, Washington. WHEREAS, by Ordinance No. 588-79 passed by the City Council and approved by the Mayor on March 14 , 1979, as amended by Ordinance No . 736-80, the City ordered the undergrounding of electrical and communication facilities along 16th Avenue West and portions of 75th Street S .W. and Hardeson Road, established Local Improvement District No . 702 , provided that payment for the improvement be made by special assessments upon the property in the district payable by the mode of "payment by bonds or installment notes " and provided for the issuance and sale of local improvement district warrants redeemable by cash and/or by local improvement district bonds; WHEREAS, Chapter 216 of the Laws of 1982, Regular Session of the State Legislature, authorized any municipal corporation to borrow money and issue short-term obligations as provided in such chapter, the proceeds of which may be used for any lawful purpose of the municipal corporation, and which short-term obligations may be issued in anticipation of the sale of local improvement district bonds if the bonds have been authorized by ordinance; and WHEREAS, the City Council deems it to be in the best inter- est of the City that the City borrow money and issue short-term obligations in anticipation of the sale of local improvement district bonds authorized by Ordinance No . 588-79, as amended,