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- District No . 709 (the "District " ) by Ordinance No . 812-81 is <br /> $6 , 418 , 000 , all of which will be paid from assessments against <br /> property within the District . The City Treasurer is authorized <br /> to negotiate on behalf of the City for the issuance and sale <br /> of local improvement district bond anticipation notes of the <br /> District in an amount not to exceed the principal sum of <br /> $6 , 418 , 000 . The notes shall be numbered from " 1" upward; shall <br /> be in denominations specified by the City Treasurer ; shall be <br /> dated as of the date of their issuance; shall mature not later <br /> than three years from their date of issuance; and shall bear <br /> such other terms as negotiated by the City Treasurer and the <br /> purchaser of the notes . The notes shall bear interest at a <br /> fixed rate or rates , or variable rates based on the average bank <br /> prime rate published in the Wall Street Journal , not to exceed <br /> % , payable at maturity, with full obligation on the part of <br /> the City to pay interest at the note rate from and after <br /> maturity until the notes with interest are paid in full or until <br /> sufficient money for such payment in full is on deposit in the <br /> "Local Improvement Fund, District No . 709, " created by Ordinance <br /> No . 812-81, and the notes have been duly called for redemption <br /> by the City Treasurer ' s giving written notice to the initial <br /> purchaser ( if they are bearer notes) or to the registered owner <br /> ( if registered) of the notes of such call at least ten days <br /> prior to the call date. Both principal of and interest on the <br /> notes shall be payable solely out of the "Local Improvement <br /> Fund, District No . 709" from the proceeds of local improvement <br /> district bonds authorized to be issued by Ordinance No . 812-82 , <br /> as amended by this ordinance, to be deposited in such fund <br /> and/or prepaid special benefit assessments deposited in such <br /> fund, and from the Local Improvement Guaranty Fund of the City, <br /> and shall be payable in lawful money of the United States of <br /> America at the office of the City Treasurer or, at the option of <br /> - 3 - <br />