Ordinance 922-83 - Laserfiche WebLink

ordinance of the City Council. Such bonds shall be sold in such manner as the City Council shall hereafter determine. Section 2. The total estimated cost and expense of the improvements ordered to be carried out in Local Improvement Dis- trict No. 711 (the "District") by Ordinance No. 887-82 is $781,000 , approximately $365,350 of which will be paid from assessments against property within the District. Local improvement district bond anticipation notes of the District shall be issued in the principal sum of $365 ,350 . The notes shall be numbered from "1" upward; shall be in a denomination specified by the City Treasurer; shall be dated as of the date of its issuance; shall mature on January 1, 1984; shall be pay- able to Seattle-First National Bank; and shall bear interest at the rate of 75% of Seattle-First National Bank 's prime rate on the date of their issuance, payable at maturity, with full obli- gation on the part of the City to pay interest at the same rate from and after maturity until the notes with interest are paid in full or until sufficient money for such payment in full is on deposit in the "Local Improvement Fund, District No. 711, " cre- ated by Ordinance No . 887-82, and the notes have been duly called for redemption by the City Treasurer 's giving written notice to Seattle-First National Bank of such call at least ten days prior to the call date. The City may repay and redeem the notes as a whole, or in part in numerical order , at par plus accrued interest to such call date, on or after September 1, 1983 , by giving written notice of such redemption to Seattle- First National Bank at its main office in Seattle, Washington, of such call at least ten days prior to the call date. Both principal of and interest on the notes shall be payable solely out of the "Local Improvement Fund, District No. 711" from the proceeds of local improvement district bonds authorized to be - 3 -