Ordinance 971-83 - Laserfiche WebLink

• • CITY OF EVERETT, WASHINGTON ORDINANCE NO./17/'D AN ORDINANCE of the City of Everett, Washington. authorizing the issuance of tax anticipation notes for the purpose of paying City expenses pending the receipt of general City taxes; creating a tax antici- pation note fund and an operating cash requirements fund; and providing for the sale of such notes to Harper, McLean & Company. WHEREAS, the City Council finds that periodic collections of general taxes and other revenues in 1983 will not be suffi- cient to meet necessary City expenses as they are incurred and that it is in the best interest of the City to contract short- term debt pursuant to Chapter 216, Laws of 1982 , to pay those expenses. such debt to be paid from taxes collected by the City prior to March 1. 1984 ; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EVERETT DOES ORDAIN: Section 1 . The assessed valuation of the taxable property of the City as ascertained by the last preceding assessment for City purposes for the calendar year 1983 is $3 ,792, 895. 683 and the City has outstanding general indebtedness evidenced by limited tax general obligation bonds in the amount of $725,000 and installment contracts in the amount of $344,462 .54 incurred within the limit of up to 3/4 of 1% of the value of the taxable property within the City permitted for general municipal pur- poses without a vote of the qualified voters therein and unlim- ited tax general obligation bonds in the principal amount of $3, 225.000 within the limit of up to 2-1/2% of the value of the taxable property within the City for capital purposes issued pursuant to a vote of the qualified voters of the City, and the amount of indebtedness for which the Notes are herein authorized to be issued is $3 ,000,000.