Ordinance 972-83 - Laserfiche WebLink

for the purpose of providing the funds with which to pay part of the costs of carrying out the improvements ordered in Local Improvement District No . 702 and redeeming $1 ,134,517.51 of outstanding warrants drawn against 'Local Improvement District Fund No . 702 ; " and WHEREAS, Harper , McLean & Company of Seattle, Washington, has submitted an offer to purchase such short-term bond antici- pation notes on the terms and conditions hereinafter set forth; NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF EVERETT DOES ORDAIN: Section 1 . Section 3 of Ordinance No . 736-80, which ordi- nance created Section 7 of Ordinance No. 588-79, is amended to read as follows : Section 7 . The City Treasurer of the City of Everett is authorized to negotiate a reasonable rate of interest and issue interest-bearing warrants to satisfy interim construction costs not to exceed $2 , 200, 000. These interest-bearing warrants shall be redeemed by the Treasurer as soon as reimbursement or long term bond financing money, as described elsewhere in this Ordinance, are received . In the alternative, the City hereafter may provide by ordinance for the issuance of short-term obliga- tions pursuant to Chapter 216, Laws of 1982 . Section 2 . Local improvement district bond anticipation notes (the "Notes" ) of Local Improvement District No . 702 (the "District" ) shall be issued in the principal sum of $1,447 ,000 . The Notes shall be numbered from 1 upwards consecutively; shall be dated September 22 , 1983; shall mature December 22, 1983 ; shall be in the denomination of $5 , 000 each or integrals thereof ; and shall bear interest at not to exceed the rate of 12% per annum (excluding discount) , payable at maturity. Both principal of and interest on the Notes shall be payable solely out of the "Local Improvement District Fund No . 702 " created by - 2 -