Ordinance 850.82 - Laserfiche WebLink

bids will be publicly opened and read. Said bids will be considered and acted upon by the City Council at that time. Upon the sale of the Bonds, the proper City officials are hereby authorized and directed to do everything necessary for the prompt issuance , execution and delivery thereof and for the proper application and use of the proceeds of such sale. Section 9. Assessed Value and Existing Bonded Debt. The actual value of the taxable property within the City as ascertained by the last preceding assessment for City purposes is $3 ,512 , 331 ,815. 00 . The principal amount of outstanding non-voted general obligation indebtedness of the City adjusted to include the amount of the Bonds is $775 ,000. 00 , as of December 31 , 1981 . The total amount of outstanding general obligation bonded indebtedness of the City, whether voted or non-voted, including the principal amount of the Bonds , as of December 31 , 1981 , is $2 ,550 ,000 . Section 10. Bonds Not Arbitrage Bonds. The City hereby certifies that on the basis of the facts, estimates and circumstances in existence on this date, it is not expected that the proceeds of the Bonds will be used in a manner that would cause the Bonds to be "arbitrage bonds" under. Section 103 (c) of the United States Internal Revenue Code of 1954 , as amended, and all regulations relating thereto. The City covenants that it will comply with said Section 103 (c) and the regulations thereunder in effect from time to time, as long as any Bonds are outstanding. ADOPTED by the Council of the City of Everett at a regular meeting thereof, held this /11'1667 day of ,90,,,,e/.6 , 1982 , after -6-