Ordinance 902-82 - Laserfiche WebLink

CITY OF EVERETT, WASHINGTON ORDINANCE NO. gD.w-rZ' AN ORDINANCE of the City of Everett, Washington, relating to contracting indebtedness; providing for the issuance, specifying the maturities, maximum effective interest rate, terms and covenants of $2, 000, 000 par value of "Unlimited Tax General Obli- gation Bonds, 1982, " authorized by the qualified voters of the City at a special election held therein pursuant to Ordinance No. 826-81 ; and providing for the sale of such bonds. THE CITY OF EVERETT, WASHINGTON, DOES ORDAIN: Section 1 . The City of Everett, Washington (the "City" ) , shall presently issue and sell the total $2, 000, 000 par value of negotiable general obligation bonds authorized by the qualified voters of the City at a special election held on February 2, 1982, pursuant to Ordinance No. 826-81 passed and approved December 16, 1981, for the purpose of paying part of the cost of development, construction and equipping of housing for low- income elderly persons by the Housing Authority of the City. The bonds shall be designated "Unlimited Tax General Obligation Bonds, 1982" (the "Bonds" ) , of the City; shall be dated. December 1, 1982; shall be in the denomination of $5, 000 each; shall be numbered from 1 to 400, inclusive; and shall bear interest at the rate or rates specified in the successful bid for the Bonds, but not in excess of an effective rate of 15% per annum, payable on June 1, 1983, and semiannually thereafter on each succeeding December 1 and June 1, as evidenced by coupons to be attached to the Bonds representing interest to maturity. If any Bond is not redeemed upon proper presentment at its maturity or call date thereof, the City shall be obligated to pay interest at the coupon rate for each such Bond from and after the maturity or call date until such Bond, both principal and interest, shall