Ordinance 922-83 - Laserfiche WebLink

• funds with which to pay the Costs of carrying out the improve- ments ordered in Local Improvement District No. 711; and WHEREAS, Seattle-First National Bank of Seattle, Washington, has submitted an offer to purchase such short-term bond anticipation notes on the terms and conditions hereinafter set forth; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EVERETT, WASHINGTON, DOES ORDAIN as follows: Section 1. Section 5 of Ordinance No. 887-82 is amended to read as follows: Section 5. The City is authorized to issue local improve- ment district oonds for the district which shall bear interest at a rate to be hereafter fixed by ordinance, shall be payable on or before a date to be determined later by the City Council, the life of the improvement ordered being not less than the term of the bonds and shall be issued in exchange for and in redemp- tion of any and all local improvement district bond anticipation notes issued pursuant to this amendatory ordinance and not redeemed in cash within a period of not to exceed sixty days after the first publication by the City Treasurer of notice that the assessment roll for Local Improvement District No. 711 is in his hands for collection. The bonds shall be redeemed by the collection of special assessments to be levied and assessed against property within the district, payable in annual install- ments, with interest at a rate to be hereafter fixed by ordi- nance under the mode of "payment by bonds, " as defined by law and the ordinances of the City. In the case of default in the payment of any assessment when the same shall become due, there shall be added interest and a penalty at a rate to be hereafter fixed by ordinance. The exact form, amount, date, interest rate and denominations of such bonds shall be hereafter fixed by - 2 -