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Section 2 . There is created in the office of the City <br /> Treasurer a special fund called the "Tax Anticipation Note Fund, <br /> 1983 " (the "Note Fund" ) . Pending the collection of general ad <br /> valorem property taxes to be levied for collection in 1984 , the <br /> City shall issue and sell its Tax Anticipation Notes , 1983 (the <br /> "Notes" ) , issued in the principal sum of $3 , 000,000 . The Notes <br /> shall be numbered from 1 upwards consecutively; shall be in the <br /> denomination of $5 ,000 each or integrals thereof ; shall be dated <br /> as of their date of issue; shall mature March 1, 1984 ; and shall <br /> bear interest at not to exceed the rate of 12% per annum <br /> (excluding discount) , payable at maturity, with full obligation <br /> on the part of the City to pay interest at the same rate from <br /> and after maturity until the Notes with interest are paid in <br /> full or until sufficient money for such payment in full is on <br /> deposit in the Note Fund and the Notes have been duly called for <br /> redemption. Both principal of and interest on the Notes shall <br /> be payable at the office of the City Treasurer or at either <br /> fiscal agency of the State of Washington in Seattle, Washington, <br /> or New York, New York . <br /> The Notes shall not be subject to redemption prior to their <br /> maturity date . The City Council declares and finds that the <br /> fixing of the above maximum interest rate is in the best inter- <br /> ests of the City. The Notes shall be a general obligation of <br /> the City. <br /> Section 3 . The City irrevocably pledges to budget and levy <br /> taxes within the constitutional and statutory tax limitations <br /> provided by law without a vote of the electors of the City, upon <br /> all property in the City subject to taxation in an amount suffi- <br /> cient, together with other money legally available and to be <br /> used therefor, to pay the principal of and interest on the Notes <br /> - 2 - <br />